Saipem gains on Nord Stream 2 hopes

Italian oil and gas industry contractor Saipem was a high riser on Monday following reports that it could be involved in the Russian Nord Stream 2 pipeline project.

According to Italian newspapers Corriere della Sera and Il Sole 24 Ore, Russian president Vladimir Putin asked Italy’s prime minister Matteo Renzi for involvement in the project. If it goes ahead, this could mean that companies such as Saipem or Eni would win contracts to help build the pipeline or nab a stake in the consortium.

Investors were betting that should the project go ahead, Saipem would have a good chance of being awarded its execution.

At 0943 GMT, Saipem shares were 1.8% higher to €6.88.