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BUZZ--Saipem shares tumble as outlook darkens

Reuters - UK Focus

** Shares (Dusseldorf: DI6.DU - news) in Italian oil service company Saipem (Milan: SPM.MI - news) tumble after British rig-maker Lamprell Plc (LSE: LAM.L - news) said it expects its revenue this year to be about 10 pct below expectations.

** Stock down 7.6 pct & is 2nd biggest loser on the Stoxx 600 on another weak day for the oil services sector.

** "The Lamprell profit warning is weighing on the stock as too are a few broker changes," says a Milan-based trader

** Barclays (LSE: BARC.L - news) cuts its target price on Saipem (Other OTC: SAPMF - news) to 12 euros from 20 euros while Canaccord Genuity (Other OTC: CCORF - news) cuts its rating to 'Sell' with a target price of 7.5 euros

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** The slump in oil prices has prompted oil and gas operators to cut investments, hurting oil contractors

** Saipem, which issued two profit warnings in 2013, saw its share price tumble in December after Russia scrapped the South Stream gas pipeline project

** Italian oil major Eni (NYSE: E - news) , which owns 43 pct of Saipem, recently put its plans to sell its stake in the oil contractor on the backburner (RM (LSE: RM.L - news) : stephen.jewkes.thomsonreuters.com@reuters.net)