New Contract Award

RNS Number : 7650R

Tekmar Group PLC

08 July 2022

 

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR. Upon the publication of this announcement via a Regulatory Information Service, this inside information will be considered to be in the public domain.

TEKMAR GROUP PLC

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

Contract Award

Tekmar Group (AIM: TGP), a leading provider of technology and services for the global offshore energy markets, is pleased to announce a significant new contract to provide an integrated engineering solution, including Cable Protection Systems ("CPS") and Cable Hang-Off Clamps, for an offshore wind farm project in Japan. The contract is expected to be delivered in 2023.

Alasdair MacDonald, CEO of Tekmar Group, said : "We are pleased to be announcing this significant contract award, which represents an important strategic milestone as we extend our geographical reach into the Japanese offshore wind market.  This contract builds on the encouraging contract momentum we have established, highlighted by the record order book of £20.1m we announced with our first half results and demonstrates how our CPS solution offers superior technical capability and value in de-risking complex subsea engineering projects for the market.

We also see this recent contract momentum as an important indicator that the level of market activity is improving and are also pleased to update that we had a strong cash collection towards the end of our June quarter. This supports our confidence in the stability of the business as the market environment improves. The Company has launched a formal sale process and further communication with shareholders on this process will be made as and when appropriate to do so. In the meantime, it is business as usual for Tekmar as we remain focused on delivering on our plans and we look forward to keeping shareholders updated with our continued progress."

Enquiries:

Tekmar Group plc Alasdair MacDonald, CEO Derek Bulmer, CFO	[phone]
Singer Capital Markets (Nominated Adviser and Joint Broker) Rick Thompson / Rachel Hayes	[phone]
Berenberg (Joint Broker) Chris Bowman / Ben Wright / Ciaran Walsh	[phone]
Bamburgh Capital Limited (Financial PR & Investor Relations) Murdo Montgomery	[phone]

The person responsible for arranging for the release of this announcement on behalf of Tekmar is Derek Bulmer, Chief Financial Officer.  

About Tekmar Group plc  -  www.tekmargroup.com

Tekmar Group plc (LON:TGP) collaborates with its partners to deliver robust and sustainable engineering led solutions that enable the world's energy transition.

Through our Offshore Energy and Marine Civils Divisions we provide a range of engineering services and technologies to support and protect offshore wind farms and other offshore energy assets and marine infrastructure. With near 40 years of experience, we optimise and de-risk projects, solve customers' engineering challenges, improve safety and lower project costs. Our capabilities include geotechnical design and analysis, simulation and engineering analysis, bespoke equipment design and build, subsea protection technology and subsea stability technology. 

We have a clear strategy focused on strengthening Tekmar's value proposition as an engineering solutions-led business which offers integrated and differentiated technology, services and products to our global customer base.

Headquartered in Darlington, UK, Tekmar Group has an extensive global reach with offices, manufacturing facilities, strategic supply partnerships and representation in 18 locations across Europe, Africa, the Middle East, Asia Pacific and North America.

For more information visit :  www.tekmargroup.co.uk .

Subscribe to further news from Tekmar Group at   Group News .

 

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