TTS crane contract cancelled
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TTS Group ASA received an order for an underwater crane from Kleven Verft AS through its subsidiary TTS Offshore Handling Equipment AS, which was cancelled recently.
It is reported that the contract was announced on May 24, 2013. It is planned to deliver the crane in December 2014, but with the right to cancel the contract before August 1 this year, and the rights date will be extended to September 1. The right to express the right to cancel the contract has been exercised.
At the date of the exercise of the right of revocation, TTS Offshore Handling Equipment AS has not started any work on the project.