New Contract Awards

RNS Number : 5567J

Tekmar Group PLC

20 August 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.

20 August 2019

TEKMAR GROUP PLC

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

NEW CONTRACT AWARDS

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 Limited ("Tekmar Energy") has secured two contracts within Taiwan for the supply of  its flagship cable protection system product, TEKLINK® and associated accessories.

The combined value, which is for execution and revenue recognition primarily in the current financial year ending 31 March 2020 ("FY20"), is worth circa £4 million.

James Ritchie, CEO of Tekmar Group, said: 

"These recent awards come in addition to our earlier success in the Taiwan market with the Formosa Phase 1 and Phase 2 projects, which are currently being installed. As we have highlighted, the Asia-Pacific offshore market is strategically important to Tekmar and Taiwan has high ambitions for offshore wind, targeting around 9GW of power by 2030. It's worth noting that in 2018 Taiwan had no installed bases.

"These awards demonstrate our ability to secure and deliver to this emerging market and our commitment to the region as a whole."

The contracts are in line with existing management expectations and the Group has not altered its guidance for FY20.  Further details of the project will be provided on the Group's website in due course.

For further information contact:

Tekmar Group plc James Ritchie, Chief Executive Officer Sue Hurst, Chief Financial Officer	Tel: [phone]
Grant Thornton UK LLP (Nominated Adviser) Philip Secrett / Samantha Harrison	Tel: [phone]
Berenberg (Broker) Chris Bowman / Ben Wright	Tel:  [phone]
Belvedere Communications (Financial PR) Cat Valentine ([e-mail]) Llew Angus ([e-mail]) Keeley Clarke, ([e-mail])	Tel: [phone] Tel: [phone] Tel: [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 four primary operating companies; these are Tekmar Energy Limited, Subsea Innovation Limited, AgileTek Engineering Limited and Ryder Geotechnical Limited.

Tekmar Energy is a global market leader in protection systems for subsea cable, umbilical and flexible pipe. 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/

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/

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. https://agiletek.co.uk/ AgileDat, a division of AgileTek, provides software development, cloud architecture and data analytics services. https://agiledat.co.uk/

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.  https://www.rydergeotechnical.com/

Tekmar Energy and Tekmar Group plc is 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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