Nexans slumps on media reports about halt to Great Sea Interconnector payments

Nexans SA

06/03/2025 13:38

** Shares in French cable maker Nexans NEXS.PA fall more than 6%, with an analyst pointing to media reports that its client Admie, which operates the high-voltage direct current Great Sea Interconnector, has suspended payments over alleged Turkish interference in the project

** Nexans is responsible for manufacturing and installing the submarine cable to connect Greece and Cyprus, according to daily Cyprus Mail

** The report says the suspended payment is for the February instalment of 70 million euros ($75.73 million) as the project hangs in balance

** Nexans did not immediately respond to Reuters' request for comment

($1 = 0.9244 euros)

 (Reporting by Alessandro Parodi and Antonis Pothitos)

 ((alessandro.parodi@thomsonreuters.com))