Norwegian Kleven has excercised the right to cancel a contract for delivery of a subsea crane with TTS Group.
The contract, announced in May should have brought approximately NOK 70 million to TTS Offshore Handling Equipment AS. The deal was for delivery of a 250 ton active heave compensated subsea crane for operations down to depths of 3,000 meters.
Under the original agreement, TTS would deliver the crane to Kleven in December 2014.
“Due to this cancellation right, TTS Offshore Handling Equipment AS had not yet started any work on the project,” said TTS in a filing to Oslo Bors.
[mappress] Offshore Energy Today Staff, August 30, 2013