Italian oil service group Saipem has 79 million euros ($101 million) of funds frozen in Algeria in connection with an investigation into allegations of price inflation, the company said on Wednesday.
Wood Group Kenny has been awarded a contract by Saipem for the engineering analysis and configuration design of the steel lazywave riser SLWR system for the Sapinhoa Norte presalt field approxima
Italy's Saipem unexpectedly cut its 2012 dividend by 2.9% because of lower earnings, after the oil-services company lost more than a third of its market capitalization last month when it slashed earnings guidance.
Italy's Eni has signaled it could be open to a sale of its oil services subsidiary Saipem after a widening corruption probe in Algeria left mud sticking to the oil major.
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