Major OPEX Contract for Offshore Wind Project

RNS Number : 2369M

Tekmar Group PLC

20 January 2021

 

20 January 2021

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" or the "Group")

TEKMAR ENERGY SECURES MAJOR OPEX CONTRACT FOR OFFSHORE WIND PROJECT

Tekmar Group (AIM: TGP), a leading provider of technology and services for the global offshore energy markets, is pleased to announce that Tekmar Energy Limited ("Tekmar Energy") has secured a significant contract to supply its products to protect subsea cables on a major operational offshore wind farm project.

The contract includes work for Tekmar Energy's sister companies Subsea Innovation and AgileTek Engineering, demonstrating the value of the Group's combined offering to the offshore wind market.

The contract, which closely follows the announcement of Pipeshield's largest ever contract win, is for execution and revenue recognition in the current financial year ending 30 September 2021 ("FY21") and is valued in excess of £4.5 million.

Enquiries:

Tekmar Group plc Alasdair MacDonald, CEO Sue Hurst, CFO	[phone]
Grant Thornton UK LLP (Nominated Adviser) Philip Secrett / Jamie Barklem	[phone]
Berenberg (Joint Broker) Chris Bowman / Ben Wright / Richard Salmond	[phone]
N+1 Singer (Joint Broker) Rick Thompson / Rachel Hayes	[phone]
Belvedere Communications (Financial PR) Cat Valentine Keeley Clarke	[phone] [phone] [e-mail]

About Tekmar Group plc  -  www.tekmargroup.com

Tekmar Group plc's vision is to be the leading provider of technology and services for the global offshore energy markets.  The Group has five primary operating companies; these are Tekmar Energy Limited, Subsea Innovation Limited, AgileTek Engineering Limited, Ryder Geotechnical Limited and Pipeshield International limited.

Tekmar Energy is a global market leader in protection systems for subsea cable, umbilical and flexible pipe. Tekmar Energy has been trusted to protect billions of Euros worth of assets in the offshore wind, oil & gas, wave, tidal and interconnector markets since 1985.

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.

AgileTek Engineering is an award-winning subsea engineering consultancy for offshore energy projects. AgileTek helps its clients de-risk projects through advanced computer simulation and analysis.  AgileDat, a division of AgileTek, provides software development, cloud architecture and data analytics services. 

Ryder Geotechnical provides expert geotechnical design and consulting services to the offshore wind and subsea oil and gas sectors. Services include offshore structure foundation design, geohazard assessment and subsea cable routing and burial assessment.

Pipeshield International is a market leading provider of specialised subsea protection solutions in the form of concrete mattresses used for the stabilisation and impact protection of subsea equipment in areas where they cannot be buried and further to limit the development of scour (seabed erosion) particularly local to that of a foundation, pipeline or in marine ports.

Tekmar Energy and Tekmar Group plc is headquartered in Newton Aycliffe in the United Kingdom; AgileTek operates from an office in London; Subsea Innovation has its head office and manufacturing centre in Darlington, United Kingdom. Ryder operates in Newcastle and within AgileTek London, Pipeshield headquarters are in Lowestoft with manufacturing in Montrose and Blyth. Tekmar Group plc also has strategic supply bases and representation across Europe, Africa, the Middle East and Asia Pacific.

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