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Tekmar Group PLC on Wednesday said that it has signed a ‘significant’ new contract award with a total value in excess of £5 million.
The Darlington, England-based is a technology and services provider for global offshore energy markets. It provides a range of engineering services and technologies to support and protect offshore wind farms and other offshore energy assets and marine infrastructure.
Under the terms of the contract, Tekmar will design and supply its flagship Generation 10 cable protection system product and associated ancillaries. These units will be manufactured at the group’s facility in Newton Aycliffe, where Tekmar will use its in-house subsea analysis capabilities to support the project.
Work is expected to begin this year, with delivery scheduled for 2024.
‘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,’ said Chief Executive Officer Alasdair Macdonald.
Tekmar shares were trading 8.3% higher at 9.75 pence each in London on Wednesday morning.
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