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Think the Middle East will be their next play in this, thoughts ?
Interesting that Jackdaw Gas Project was mentioned in the Tekmar H1 2022 results (Adjacent offshore markets remain an important part of Tekmar’s strategy.)
September 23, 2022, by Nadja Skopljak
Shell has awarded TechnipFMC with an engineering, procurement, construction and installation (EPCI) contract for the Jackdaw development offshore the UK.
https://www.offshore-energy.biz/technipfmc-wins-epci-contract-for-shells-north-sea-gas-project/
The contract covers pipelay for a 30-kilometer tieback from the new Jackdaw platform to Shell’s Shearwater platform, as well as the delivery of an associated riser, spool pieces, subsea structures, and umbilical's.
According to TechnipFMC, the tieback will use pipe-in-pipe technology, which is designed for high-pressure, high-temperature use.
The company described the contract as “significant”, meaning it is between $75 million and $250 million.
From Twitter:
Subsea Innovation, a Tekmar Group company, has completed the design, build and delivery of twenty-nine Pipe-in-Pipe (PIP) Waterstops to Technip FMC for a subsea development project in the Gulf of Mexico.
Technip is traded on the NYSE with an MCAP of £5.5B a significant investment from someone like Technip, DEME or one of th many big companies TGP work with another big name in the sector would be very good news.
Popcorn anyone ;-)
I read that as new shares would be issued to the investor rather than an offer of funding that would require the company to become private.
sp was around 9p at the time but Dogger Bank C and todays £10Mn Middle East contract news since the update presumably would add weight and price to any offer from that party.
Wont have to wait too long to find out
I've read that thanks, it was the next sentence I was referring to:
'The proposal being considered would not result in an offer being made for the Company's shares but would represent new capital investment, at or around the current share price, and would allow the Company to retain its admission to trading on AIM.'
RNS Number : 6881G
Tekmar Group PLC
17 November 2022
'Following a review of the proposals received, a preferred partner has been granted a 60 day-period of exclusivity to carry out further due diligence and finalise its proposal. The exclusivity period relates only to alternate debt or equity financing proposals and, for the avoidance of doubt, does not prevent an offer being made for the Company by a third party under the framework of the Company's formal sale process.
The proposal being considered represents a strategic investment from a global institutional investor in the energy sector, which would provide funding for the Company to follow an ambitious plan for growth, both organically and by acquisition.'
I make it 54 days since that update (my maths is always questionable tho ;) so not announced as consumated yet but we shouldn't have to wait long for news.
Looks undervalued for sure. However, is the deal with the II already agreed? If so at what pps? GLA
The last time they were winning this many contracts was in 2021 when the sp was 70p. This is completely undervalued, demonstrated by an institutional investor wanting in
This time with the link to the Dogger Bank article and some other contract win articles in the US, Japan and China :
https://www.offshorewind.biz/2022/12/26/tekmar-completes-dogger-bank-trifecta/
https://www.offshorewind.biz/2022/05/25/tekmar-wins-cable-protection-contract-for-us-offshore-wind-project/
https://www.offshorewind.biz/2022/07/11/tekmar-gets-offshore-wind-order-from-japan/
https://www.offshorewind.biz/2022/07/27/tekmar-bags-cable-protection-contract-in-china/
December 26, 2022
DEME Offshore has picked Tekmar Group to supply Cable Protection Systems (CPS) for the third phase of Dogger Bank Wind Farm in the UK.
Under the contract signed with DEME Offshore, Tekmar will design, manufacture, and supply 172 CPS for Dogger Bank C.
The first systems for the project’s third phase are expected to be delivered in the third quarter of 2024, with production continuing into 2025.
This follows the existing contract with EPCI contractor DEME Offshore to supply 380 CPS to protect subsea inter-array cables on the first two phases of Dogger Bank Wind Farm.
Once completed, it will be the world’s largest wind farm, generating 3.6 GW of green energy, enough to power roughly six million homes a year.
Just a reminder of Dogger Bank contracts
https://www.offshorewind.biz/2022/10/13/offshore-wind-could-grow-56-fold-by-2050-contribute-to-green-hydrogen-production/
Offshore Wind is a growth sector plus Oil & Gas side of the business should help propel this higher (pun intended ;)
Out with the weak then off again! Great opportunity here. It’s a must buy! Huge news with all these contracts landing whilst we are in discussions for a takeover/investment. That should seal the deal now if it already hasn’t.
GLA
Offshore Wind project news and potential across that region:
https://www.offshorewind.biz/?s=middle+east
@kingsinbad defo, After last rns it was over 70percent. 11 million mcap, u cant go wrong. Only my opinion gl
What a fantastic news this is!!! Well done to all who got in early and hold :)
Happy days ahead woop woop!
Once this overhang is cleared today, these will move up alot higher.
Very true...
Amazing news everyone. Congrats for holding and believing in the great things we know Tekmar are destined for.
This was trading at 164p two years ago and the Offshore Wind Farm industry has ramped up new wind farm rollouts in recent months.
Oil & Gas side of business could also see growth (imo)
250p not unachievable (not today tho)
25 not 250 lol
my bet. I love this share :-)
RNS 2 contracts worth £10m ahead of potential 'global energy investor news which could land this week.
Steven Howlett, Managing Director of Pipeshield, said: "The contracts help consolidate our position in the Middle East and create a basis for further regional expansion supporting our growth strategy. I congratulate the team on securing these projects, which are a testament to our subsea engineering and project management expertise, as well as our local manufacturing and supply chain capability".
Dave Thompson, Managing Director of Subsea Innovation, said: "We are pleased that Subsea Innovation has been awarded this significant contract for bespoke mission equipment. This contract award further strengthens our position as a leader in the sector and supports the continued growth of our business. We are excited to work on this project and deliver exceptional results for our client."
Very nice to see these contracts come in today
Traders will trade these big style today.
Yep, winning contacts more than the current market cap. Good to see them winning contacts in different areas of the world..
Brilliant RNS this morning with two contracts being won. 1 for £8m and the other for £2m. Just need the investment RNS now and we are flying
GLA
EU Energy Ministers agreed to urgently speed up the permitting of renewables. The decision for emergency measures to accelerate permitting had been reached in November already but the final green light was given at the 19 December Energy Council in a package deal with the agreement on an EU gas price cap. Notably the emergency measures on permitting mark the first time that the EU defines in law the expansion of renewables as a matter of overriding public interest.
Europe wants wind energy to generate 43% of its electricity demand by 2030, up from 15% today, in order to strengthen its energy security and maintain affordable power prices for households and businesses. This means increasing Europe’s wind energy capacity from 190 GW today to 510 GW by 2030.
Under the new rules Member States must accelerate permitting for all new wind energy projects. They must now permit repowering projects within 6 months, including the Environmental Impact Assessment and the grid permits. If repowering results in a capacity increase of less than 15% then the grid connection shall even be permitted within 3 months.
Critically Member States may also apply the emergency rules to wind energy projects under development. 80 GW of wind energy capacity are currently stuck in permitting procedures across Europe. Unlocking these volumes is essential for Europe to replace Russian gas and improve its energy security for this and next winter.
https://windeurope.org/newsroom/news/eu-energy-ministers-adopt-emergency-measures-on-permitting/?ref=mainbanner
Already posted but with the expected news of a 'glabal' energy investor coming onboard soon I thought it worth revisiting the article.