Kleven Verft Cancels Offshore Contract with TTS Group

TTS Group ASA has through its subsidiary TTS Offshore Handling Equipment AS in Norway, received a cancellation of a offshore contract with Kleven Verft AS.

The contract, announced 24 May 2013, was awarded with a initial cancellation right that was valid until 1 August. This cancellation right was later extended until 1 September.

The contract had a value of approx. 65 – 70 MNOK and included the delivery of a 250 ton active heave compensated subsea crane for operations down to depths of 3,000 meters.

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Press Release, August 30, 2013