Saipem to Review of 2015 Business Prospects

The board of Saipem started on Wednesday to review the Italian oil service company's business prospects for 2015 following a recent slump in oil prices and the loss of lucrative contracts linked the South Stream gas pipeline project.

In a statement, the company said the board would approve its 2015 guidance by a meeting scheduled in February and that it would update the market about developments regarding South Stream as soon as it obtains new information.

Reporting by Danilo Masoni