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Total Cancel 'Skandi Aker' Vessel Contract

Maritime Activity Reports, Inc.

June 25, 2014

Aker Solutions' subsidiary Aker Oilfield Services says it has been notified by Total in Angola of the termination of a USD 250 million, two-year contract for the 'Skandi Aker'.

Aker explain that the Skandi Aker started operations as a well-intervention vessel for the first time in September 2013 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 will present more information on July 17, when financial results for the second quarter are released.

Aker Oilfield Services will in September 2014 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.
 

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