As stated here: "Typhon appears as a black horse-shadow, without a horse to cast it. He contains within himself something called Skagganauk Abyss, **which resembles a black hole** , not a term in common use at the time"
So perhaps composed form Old Norse words with little regard for grammar:
* _skaði_ \- death, harm
* _ganga_ \- to go (into), to reside in
* _auka_ \- increase, augment; add; exceed, surpass;
as in "the abyss, going into it exceeds death", which would be a very poetic description for a black hole.