Tekmar secures 'two significant contracts' in Qatar

(Sharecast News) - Asset protection technology and offshore energy services group Tekmar said on Monday that it had secured "two significant offshore grouting contracts" in Qatar.

Tekmar said the total value of the awards was approximately $1.6m, with the combined scope including the provision of pipeline support remediation works, utilising its grouting services in conjunction with bespoke ROV-deployed grout bag technology.

The AIM-listed firm noted that the contracts were awarded by two existing customers, further strengthening its position in the region, while also reflecting its "continued strategic progress" in developing its grouting capability as a complementary offshore service line.

Tekmar added that mobilisation will commence immediately, while work was scheduled to be completed by the end of October.

Chief executive Richard Turner said: "Grouting is a strategically important offshore energy service line for Tekmar, and we continue to invest in this area to expand our offering and grow our market share globally.

"Demand for these services is strong and these awards reflect the trust placed in our offshore energy services and our ability to deliver complex subsea solutions safely and efficiently."

As of 1125 BST, Tekmar shares were untraded at 6.0p.

Reporting by Iain Gilbert at Sharecast.com

Tekmar Group