Last checked at 10 Jan 2023 07:00
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR. Upon the publication of this announcement via a Regulatory Information Service, this inside information will be considered to be in the public domain.
TEKMAR GROUP PLC
("Tekmar Group" or the "Group")
New contract awards
Tekmar Group (AIM: TGP), a leading provider of technology and services for the global offshore energy markets, is pleased to announce that Group companies Pipeshield International Limited and Subsea Innovation Limited, have been awarded several significant contracts.
Pipeshield International Limited has been awarded multiple contracts from an offshore EPC contractor to provide pipeline support and protection materials for major subsea construction projects in the Middle East. The combined value of the projects is over £8 million with delivery expected in the first half of 2023. This builds on Pipeshield's extensive experience in the region and the contracts include the design, manufacturing and supply of concrete sleepers, concrete mattresses and associated equipment. The products will be manufactured at Pipeshield's regional supply bases in Damman (KSA) and Doha (Qatar).
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".
Subsea Innovation has been awarded a significant contract for a bespoke turnkey launch and recovery (LAR) system. This builds on Subsea Innovation's extensive experience in the production of LARs systems and the scope of this contract includes the design and build of the A-frame, winch with interchangeable drum sets, hydraulic power unit (HPU) and transport frames. The contract value is approximately £2 million and is expected to be delivered by December 2023.
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."
Enquiries:
Tekmar Group plc Alasdair MacDonald, CEO Leanne Wilkinson, Interim CFO
| +44 (0)1325 349 050 |
Singer Capital Markets (Nominated Adviser and Joint Broker) Rick Thompson Alex Emslie
| +44 (0)20 7496 3000 |
Berenberg (Joint Broker) Chris Bowman / Ben Wright / Ciaran Walsh
| +44 (0)20 3207 7800 |
Bamburgh Capital Limited (Financial PR & Investor Relations) Murdo Montgomery
|
+44 (0) 131 376 0901
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The person responsible for arranging for the release of this announcement on behalf of Tekmar is Leanne Wilkinson, Interim Chief Financial Officer.
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