Partnership with DeepWater Buoyancy

RNS Number : 6415I

Tekmar Group PLC

16 August 2021

 

TEKMAR GROUP PLC

("Tekmar Group" or the "Company")

Tekmar Group and DeepWater Buoyancy form partnership to enhance their offshore energy project capability

Tekmar Group (AIM: TGP), a leading provider of technology and services for the global offshore energy markets, is pleased to announce it has signed a Memorandum of Understanding ("MOU") with DeepWater Buoyancy, Inc. ("DeepWater"), a leading producer of subsea buoyancy products for offshore oil & gas, energy, oceanographic, and technology companies. Under the MOU, the companies will bring together their complementary engineering capabilities, and extensive track records in their respective fields, to enhance the range of services and technologies they offer customers, whilst helping to integrate and optimise offshore project supply chains. 

The partnership is focused on the new and emerging floating offshore wind market which has an exponential growth forecast of 10GW installed capacity by 2030. Tekmar Group and DeepWater Buoyancy will provide greater value across the life of a floating wind project by offering a collective package of geotechnical assessment and engineering analysis, cable and mooring system design, cable protection and stabilisation solutions, cable buoyancy, and mooring line buoyancy. Additionally, they will offer bespoke product solutions for the unique elements of floating offshore wind projects, such as cable disconnection systems.

The partnership further supports Tekmar Group's organic growth strategy by strengthening its presence and manufacturing capability in the US fixed offshore wind market, an emerging but increasingly important market for Tekmar. The partnership also provides DeepWater with greater access to the European market, where their products complement Tekmar's existing offering. 

Gary Howland, Group Sales Director at Tekmar Group said "Aligning with DeepWater Buoyancy gives Tekmar Group access to over 40 years of innovation in subsea buoyancy products. This strengthens the unrivalled service and technology capability we already offer across a subsea project's timeline. The partnership supports Tekmar Group's ambition for the global floating wind market and the US fixed offshore wind market, where we now have stateside expertise and manufacturing capability. We look forward to building a strong and rewarding relationship with DeepWater Buoyancy."

David Capotosto, Co-President & Director of Business Development at DeepWater Buoyancy commented "This new partnership represents both companies' commitment to serving the rapidly growing offshore wind market and will enable us to offer a wider range of products and service solutions to our customers. We look forward to leveraging Tekmar Group's vast offshore wind experience and their extensive global reach to drive the partnership forward."

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]

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 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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About DeepWater Buoyancy

DeepWater Buoyancy, Inc., located in Maine USA, provides subsea buoyancy products for offshore energy, oceanographic, military, and technology companies around the world. Customers have relied on our products for over forty years, from the ocean surface to depths exceeding six thousand meters.  www.DeepWaterBuoyancy.com 

 

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