South Stream Offshore Pipeline Construction to Start This Fall

The Supervisory Board of Directors of South Stream Transport B.V. met at the Company’s headquarters in Amsterdam. During the meeting, the four Shareholders noted that the offshore Project is on track.

Dr. Henning Voscherau, Chairman of the Supervisory Board, said: “The progress of the Offshore Project is testimony to the good cooperation between our European and Russian Shareholders. Likewise, I believe South Stream can also serve to foster cooperation on a bigger scale, as the pipeline will create mutual benefits and provide secure energy supplies to Bulgaria and Europe as a whole.“

During the meeting, it was noted that all arrangements for the first two offshore pipelines are in place. In the first quarter of 2014, South Stream Transport placed orders for the supply of more than 150,000 pipes for the first two pipelines. In addition, Saipem and Allseas were contracted for construction and offshore pipe laying services. Since January 2014, the Company has also signed agreements with two Bulgarian ports for pipe storage, with Siemens for the supply of equipment for control of pipeline operations and with DNV-GL for the certification of the pipeline.

This week, South Stream Transport also awarded a contract to the German firm RMG Messtechnik for the supply of metering equipment for the landfall facilities in Russia and Bulgaria. Therefore, all contracts are in place to start offshore construction of the first line this autumn.

Press Release, May 16, 2014

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