Last checked at 8 Apr 2024 07:00
TEKMAR GROUP PLC
("Tekmar Group" or the "Group")
CONTRACT AWARDS
Tekmar Group (AIM: TGP), a leading provider of products and solutions for the global offshore energy market, is pleased to announce it has recently secured a number of contract awards, with a cumulative value of approximately £6 million.
Contract awards
· Tekmar subsidiary Pipeshield International has been awarded contracts with a combined value in excess of £4 million. The contracts comprise the manufacture and supply of concrete mattresses and sleepers to support subsea pipelines, PRP rock bags and lifting equipment rental. The contracts are scheduled for delivery in the current financial year ending 30 September 2024.
· Separately, Tekmar's offshore wind business has secured a contract award of approximately £2 million with a tier one offshore wind contractor for the design and supply of Tekmar Group's flagship Generation 10 cable protection system (CPS) product and associated ancillaries. Delivery of the CPS systems is scheduled for September 2025.
· These contract awards support order intake of approximately £23 million in the financial year to date.
Alasdair MacDonald, CEO, commented: "These contract wins highlight a number of the themes we outlined in our recent results: we are continuing to secure contract volume on more favourable terms and our pipeline and enquiry book remains healthy across the Group. Additionally, our Pipeshield business continues to win significant and profitable contracts balancing our offshore wind opportunity and building on its strong performance in 2023."
Enquiries:
Tekmar Group plc Alasdair MacDonald, CEO Leanne Wilkinson, CFO
| +44 (0)1325 349 050 |
Singer Capital Markets (Nominated Adviser and Joint Broker) Rick Thompson / Sam Butcher
| +44 (0)20 7496 3000 |
Berenberg (Joint Broker) Ben Wright / Ciaran Walsh
| +44 (0)20 3207 7800 |
Bamburgh Capital Limited (Financial PR & Investor Relations) Murdo Montgomery
|
+44 (0) 131 376 0901
|
About Tekmar Group plc
Tekmar Group plc (LON: TGP) collaborates with its partners to deliver robust and sustainable engineering led solutions that enable the world's energy transition.
Through our Offshore Energy and Marine Civils Divisions we provide a range of engineering services and technologies to support and protect offshore wind farms and other offshore energy assets and marine infrastructure. With nearly 40 years of experience, we optimise and de-risk projects, solve customers' engineering challenges, improve safety and lower project costs. Our capabilities include geotechnical design and analysis, simulation and engineering analysis, bespoke equipment design and build, subsea protection technology and subsea stability technology.
We have a clear strategy focused on strengthening Tekmar's value proposition as an engineering solutions-led business that offers integrated and differentiated technology, services and products to our global customer base.
Headquartered in Darlington, UK, Tekmar Group has an extensive global reach with offices, manufacturing facilities, strategic supply partnerships and representation in 18 locations across Europe, Africa, the Middle East, Asia Pacific and North America.
For more information visit: www.tekmargroup.com