Tekmar secures multiple new contracts

Offshore energy technology and services provider Tekmar has secured multiple new contracts with a combined value of more than £6.0m.

Tekmar said on Thursday that the contracts, all set to be delivered in the 2021 trading year, showed the progress being made by the group in its efforts to increase the number of collaborative projects its businesses were working on and its continued expansion into the Asia Pacific region.

In terms of the contracts themselves, Tekmar and Pipeshield International won contracts to supply subsea asset protection and stabilisation technologies to energy companies and tier one contractors for a major offshore oil and gas project in Saudi Arabia, while its Subsea Innovation subsidiary scored a contract to develop and deliver novel operation and maintenance solutions for an offshore wind farm in the UK.

The AIM-listed firm was also awarded its first major contract in Japan and locked in a contract to supply cable protection systems for a major offshore wind farm project in the Jiangsu province on the East coast of China.

Chairman Alasdair MacDonald said: "These recent contract awards help underpin our overall confidence in the group's prospects, which we expressed in our full-year results announcement in August.

"Our success in securing project wins through the collaboration of our Group businesses shows how much the business is benefitting from its diversification into complementary technologies and being able to offer our international customers a unique customer value proposition."

As of 0945 BST, Tekmar shares were up 5.0% at 105.0p.