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15.25 0.20 (1.33%)

Bid:

15.00

Ask:

15.50

Spread: 0.50 (3.333%)

Market Cap: £21.25m

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Tekmar secures 'significant' new contract

Thu, 04th Jan 2024 09:04

(Sharecast News) - Subsea protection systems provider Tekmar Group revealed on Thursday that it had secured a "significant" new contract.

Tekmar said the contract award was for the design and supply of its flagship Generation 10 cable protection system in an "emerging region for offshore wind farm development".

The AIM-listed group stated the contract covers the first phase of the development, with the contract value for the initial phase set to be in excess of £3.5m. Production of the CPS systems was expected to commence in 2024 for delivery in 2025.

Chief executive Alasdair Macdonald said: "This contract helps consolidate our position in a growing and important region for offshore wind and highlights the strength of our established engineering capability in supporting deployment of our core technologies globally.

"It also reflects the strength of our working relationships with project developers and key supply chain partners, where we address customers' complex engineering requirements and optimise and de-risk projects."

As of 0900 GMT, Tekmar shares had surged 15.12% to 11.80p.

Reporting by Iain Gilbert at Sharecast.com