Total Exploration & Production Angola has cancelled a $250m contract with Aker Solutions for the Skandi Aker deepwater well intervention vessel.
The cancellation leaves approximately $150m of unfulfilled contract to be removed from Aker’s orderbook.
The vessel began operations as a well-intervention vessel in September 2013, when the contract with Total started.
Maintenance and repairs on the vessel, which stopped its operations at the end of March, limited its capacity use to 37%.
The full details of the cancellation on Aker’s finances will be revealed in the company’s second quarter financial results that are due to be released in mid-July.
Aker Oilfield Services will become part of Akastor, an oilfield services investment company, in September 2014.
Akastor will be one of two firms formed as part of the announced separation of Aker Solutions.
The company said the entire financial consequences of the termination will be assumed and accounted for by the Akastor group.
Aker Solutions provides products, systems and services to the oil and gas industry with around 28,000 employees in about 30 countries.
Image: Skandi Aker vessel. Photo: courtesy of Aker Solutions.