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STOCKS NEWS EUROPE-Saipem higher after contract award

Wed Jun 24, 2009 6:59am EDT

Stocks

   

Oil service company Saipem (SPMI.MI) gains 3.8 percent supported by news it has won drilling contracts worth around $600 million.

"The stock has received a filip from the contract award which is hardly peanuts," a Milan trader said.

Saipem said on Wednesday drilling contracts worth about $600 million had been won in Kazakhstan, Congo and Algeria.

"The stock is rebounding from recent losses and the contract award is a clear catalyst," another trader said.

Reuters Messaging rm://stephen.jewkes.thomsonreuters.com@reuters.net


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