LNG

Oct 29 (LNGJ) - Saipem, the Italian LNG and energy engineering company which recently built a new LNG production Train in Algeria, said third-quarter revenues amounted to 3.5 billion euros ($4.5Bln) and new contracts received were valued at $1.85 Bln euros. Saipem, a subsidiary of Italian energy company Eni, said its backlog amounted to 22.5Bln euros compared with 17.06Bln euros at the end of 2013. Saipem Chief Executive Umberto Vergine said of the earnings: "We continue to implement our turnaround plan for Saipem, though market conditions have deteriorated, impacting the pace at which legacy contracts are resolved and the execution of new contracts. We have re-built the backlog in line with our strict commercial strategy and this underpins a sustainable, medium to long term recovery."