Saipem warned it may be forced to take more clients to arbitration over cost variations on existing contracts while announcing a fall in third quarter profits. The company, which issued two profits warnings last year, also warned that full-year, profits for this year would be near the bottom of its range with Chief Executive Umberto Vergine saying there is a problem with talks with clients over cost variations on existing contracts. "Due to the unstable and worsening market conditions, recently we have seen a progressive change of attitude amongst clients and negotiations have become more challenging."
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