Tekmar Group secures contracts totalling £6m
By Iain Gilbert
Date: Monday 08 Apr 2024
(Sharecast News) - Offshore energy products group Tekmar said on Monday that it has recently secured a number of contract awards, with a cumulative value of approximately £6.0m.
Tekmar said its Pipeshield International subsidiary had been awarded contracts with a combined value in excess of £4.0m, with the company set to manufacture and supply concrete mattresses and sleepers to support subsea pipelines, PRP rock bags and lifting equipment rental. The contracts were scheduled for delivery in the current financial year.
The AIM-listed group also noted that its offshore wind business had secured a contract award of approximately £2.0m with a tier-one offshore wind contractor for the design and supply of its flagship Generation 10 cable protection system product and associated ancillaries. Delivery of the CPS systems was scheduled for September 2025.
Chief executive Alasdair MacDonald said: "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."
As of 1040 BST, Tekmar shares were up 11.92% at 9.85p.
Reporting by Iain Gilbert at Sharecast.com
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