Total in Angola cancels USD 250m Skandi Aker vessel contract


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Submitted by Paddy Harris on 25th June 2014

25th June 2014

Aker Solutions' subsidiary Aker Oilfield Services has been notified by Total in Angola of the termination of a USD 250m, two-year contract for the Skandi Aker well intervention vessel

Total in Angola cancels Skandi Aker vessel contract

The vessel's capacity utilisation has been 37 per cent so far in 2014 after operations halted at the end of March for maintenance and repairs

Skandi Aker started operations as a well-intervention vessel for the first time in September last year when the contract with Total commenced. The value of the remaining contract period is about USD 150m and will be removed from the order backlog.

The vessel's capacity utilisation has been 37 per cent so far in 2014 after operations halted at the end of March for maintenance and repairs.

Aker Solutions will present more information on July 17, when financial results for the second quarter are released.

Aker Oilfield Services will in September become part of Akastor, an oilfield services investment company that will be one of two companies formed as part of the announced separation of Aker Solutions. All financial consequences of the termination will be assumed and accounted for by the Akastor group.