Saipem confirms the accident that occurred on its Castorone pipelaying vessel in Australia's offshore but says it caused no injuries and serious damage.

In a note, the group explained that the accident occurred during a normal pipelaying operation in the pipeline, and that the damage will be resolved.

"The health and safety of our personnel, environment and assets is a top priority for Saipem," it stressed in the note.

The news about the accident in the Australian pipeline circulated among traders in the trading rooms this morning causing the stock to plummet, which around 10.45 a.m. lost about 10.5 percent.

(Andrea Mandalà, editing Francesca Piscioneri)