Contract win for remedial work

RNS Number : 0752R

Tekmar Group PLC

26 February 2019

 

26 February 2019

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

TEKMAR GROUP PLC

("Tekmar Group", the "Group" or the "Company")

Contract win for remedial work

Tekmar Group (AIM: TGP), a market-leading technology provider of protection systems for subsea cable, umbilical and flexible pipes and offshore engineering services, is pleased to announce that Tekmar Energy has signed a remedial contract worth c.£3 million for execution over the next six months.

The contract is for bespoke remedial cable protection systems for replacement subsea cables to be installed on an existing UK offshore wind farm.

Commenting on the project win, James Ritchie, Tekmar Group CEO said:

"This is an important project for the Group. It is Tekmar Energy's first significant contract for work which will be undertaken within the operational phase of a windfarm, rather than our usual build phase contracts. It is also one of the biggest individual contracts Tekmar Energy has won this financial year and was secured through company synergies, product offering and flexibility. Tekmar Energy was not previously involved in this project and the win demonstrates that there are many new opportunities for the Group in existing wind farms."

"AgileTek provided technical analysis to help identify the root cause and Tekmar Energy are providing proprietary cable protection technology. This demonstrates how the Group's businesses work together to support our vision of becoming our customer's partner of choice for subsea protection."

Enquiries:

Tekmar Group plc James Ritchie-Bland, Chief Executive Officer Sue Hurst, Chief Financial Officer	[phone]
Grant Thornton UK LLP (Nominated Adviser)  Philip Secrett / Jen Clarke	[phone]
Berenberg (Broker)  Chris Bowman / Ben Wright / Laure Fine	[phone]
Belvedere Communications (Financial PR) Cat Valentine ([e-mail]) Llew Angus ([e-mail])	[phone] [phone] [phone]

About Tekmar Group plc - https://investors.tekmar.co.uk/

Tekmar Group plc's vision is to be the partner of choice for the supply and installation support of subsea protection equipment to the global offshore energy markets. The Group has three primary operating companies; these are Tekmar Energy Limited, AgileTek Engineering Limited and Subsea Innovation Limited.

Tekmar Energy is a global market leader in subsea cable, umbilical and flexible pipe protection systems. Tekmar have been trusted to protect billions of Euros worth of assets in the offshore wind, oil & gas, wave, tidal and interconnector markets since 1985: https://www.tekmar.co.uk/

AgileTek Engineering is an award-winning subsea engineering consultancy. AgileTek de-risks offshore projects through advanced computer simulation and analysis: https://agiletek.co.uk/

Subsea Innovation is a global leader in the design, manufacture and supply of complex engineered equipment and technology used in the offshore energy market. Its products include large equipment handling systems which operate on the back of pipelay installation vessels; emergency pipeline repair clamps (EPRC) which protect major oil and gas pipelines, and bespoke equipment for use in the construction of offshore energy projects: https://www.subsea.co.uk/

Tekmar Energy and Tekmar Group plc are headquartered in Newton Aycliffe in the United Kingdom; AgileTek operates from an office in London; Subsea Innovation have their head office and manufacturing centre in Darlington, United Kingdom. Tekmar Group plc also has representation in South Korea, USA, China and the Middle East.

 

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