Saipem is seeking redress at the Paris-based International Chamber of Commerce for € 759 million in damages sustained when Gazprom cancelled a contract to build a natural gas pipeline on the floor of the Black Sea.

Arbitration will be the preferred method of dispute resolution.

Saipem had won two contracts for work on the South Stream pipeline valued at € 2.4 billion. When Russia cancelled South Stream citing disagreements with the European Union over Third Party Access, the larger contract of € 2.0 billion was transferred to Turkish Stream, South Stream's successor. This project was suspended by Russia in light of opposing positions on the ongoing war in Syria.

Despite the strained relationship, Saipem is now a candidate for a further contract - to build a planned Baltic Sea gas pipeline between Russia and Germany, known as Nord Stream 2, Gazprom Chief Executive Officer Alexey Miller said on 13 January. Saipem helped to build the existing Nord Stream link.