Following notification that local government do not intend to proceed with the proposed Oakville Generating Station in Ontario, Canada, TransCanada Corporation (TransCanada) has terminated an agreement with Aker Construction Canada Ltd, a subsidiary of Aker Solutions, for the proposed natural gas-fired combined cycle power plant.
Aker Construction Canada Ltd. was awarded a notice to proceed by TransCanada for the construction of the facility pursuant to a joint venture with HDR Corporation and in cooperation with TransCanada. The CAD 400 million agreement was disclosed by Aker Solutions to Oslo Stock Exchange on 10 November 2009. Aker Solutions is now removing the contract value from its Process & Construction order backlog with effect from fourth quarter 2010.
