Total cancels $250M Skandi Aker vessel contract

Aker Solutions’ subsidiary Aker Oilfield Services was notified by Total in Angola of the termination of a USD 250 million, two-year contract for the Skandi Aker vessel.

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 150 million and will be removed from the order backlog.

The vessel’s capacity utilization has been 37 percent so far in 2014 after operations halted at the end of March for maintenance and repairs.

Aker Solutions said it would  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.