New Contract Award

Tekmar Group PLC

31 May 2023

 

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 is considered to be in the public domain.

TEKMAR GROUP PLC

("Tekmar Group" or the "Group")

New Contract Award

Tekmar Group (AIM: TGP), a leading technology and services provider for the global offshore energy markets, is pleased to announce a significant new contract award with a total value in excess of £5 million.   

The contract is for the design and supply of Tekmar Group's flagship Generation 10 cable protection system (CPS) product and associated ancillaries. The CPS units will be manufactured at the Group's facility in Newton Aycliffe, United Kingdom. Tekmar Group will utilise its in-house subsea analysis capabilities and experience to support the project. The project is expected to commence in 2023 for delivery in 2024.

Alasdair Macdonald, CEO of Tekmar Group, said "This contract helps consolidate our strong position in the growing offshore wind market, and is a testament to our strong in-house engineering capabilities, which enable us to address customer's complex engineering requirements and optimise and de-risk projects. It also reflects the strength of our working relationships with project developers and key supply chain partners. We look forward to supporting our partners in successfully delivering this project." 

Enquiries:

Tekmar Group plc Alasdair MacDonald, CEO Leanne Wilkinson, Interim CFO	[phone]
Singer Capital Markets (Nominated Adviser and Joint Broker) Rick Thompson / George Tzimas	[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 Leanne Wilkinson, Interim Chief Financial Officer. 

About Tekmar Group plc 

Tekmar Group plc (AIM: 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 nearly 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 that 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.com

 

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