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Saipem Wins $1.8 Billion Contract for Azerbaijan's Shah Deniz II

By Liam Moloney ROME--Italian oil services company Saipem SpA (SPM.MI) said Wednesday it has been awarded a contract worth about $1.8 billion for engineering and construction work on a large natural gas field off Azerbaijan. BP PLC (BP) awarded the contract on behalf of the Shah Deniz consortium for the second stage of the large natural gas field, located 90 kilometers off Azerbaijan, that will supply Turkey and the European Union, Saipem said in a statement. Saipem is part of a consortium with Bos Shelf and Start Gulf, it said. The contract, which includes laying more than 360 kilometers of pipelines, is scheduled to be completed by the end of 2017. This deal follows Tuesday's announcement that Saipem has won a 400 million euros ($552 million) contract for construction works to the second line of the OAO Gazprom (GAZP.RS)-led South Stream offshore pipeline that aims to bring Russian gas via the Black Sea to the EU, bypassing Ukraine. The works related to the construction of the South Stream second line is scheduled to be completed by the end of 2016. Write to Liam Moloney at liam.moloney@wsj.com Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stock News for Bp (BP)
DateTimeHeadline
03/27/201705:45:00BP Makes 3rd Discovery in North Damietta Concession in Egypt
03/17/201710:14:00BP in Talks with Ineos to Sell Forties Pipeline System in UK...
03/16/201716:36:00BP Selling Large Stake in Refining New Zealand
03/14/201703:46:00Wood Group Gets 2 Mad Dog Phase 2 Contracts Worth $85 Million
03/08/201717:22:00ADRs End Lower; Petrobras Trades Actively
03/08/201707:29:00Oil Companies Take to Thrifty Bets
03/01/201706:00:00BP and Clean Energy Partner to Expand U.S. Renewable Natural...
02/28/201714:16:00BP Sets Break-Even Target at $35 a Barrel
02/28/201709:34:00BP Expects Upstream, Downstream Growth
02/16/201717:39:00ADRs End Mixed; Vedanta Rises
02/16/201716:58:00ADRs End Mostly Up; Shire Trades Actively
02/09/201702:53:00BHP Billiton Board Signs Off on Investment in BP's Mad Dog Project
02/07/201712:02:00BP Needs Oil to Rise to $60 to Break Even -- 5th Update
02/07/201708:49:00BP Reports Another Annual Loss Amid Low Oil Prices -- 4th Update
02/07/201706:31:00BP Reports Another Annual Loss Amid Low Oil Prices -- 3rd Update
02/07/201704:18:00BP Earnings Fall for Second Consecutive Year -- Update
02/07/201703:02:00BP Earnings Fall for Second Consecutive Year
01/29/201707:29:00Oil Firms Plot Sharply Divergent Spending Paths
01/24/201702:59:00BP to Sell 25% of Magnus Oil Field, Associated Pipeline Infrastructure...
01/23/201710:33:00BP's Thunder Horse South Expansion Launches Ahead of Schedule...

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