Tekmar wins 'significant' new offshore Middle East contract

Offshore energy technology and support provider Tekmar Group announced the award of a “significant” new contract on Thursday.

The AIM-traded firm said the contract was for pipeline support and protection materials for a “major” subsea construction project in the Middle East.

It said the award was for a value of more than $10m, and was expected to be delivered in its current financial year ending 30 September.

“This major contract award represents a significant milestone in expanding our geographical presence - a key driver of our growth strategy, and builds on our encouraging recent contract momentum, including our partnership with DEME Offshore on the Dogger Bank Wind Farm,” said chief executive officer Alasdair MacDonald.

“These contracts highlight the breadth of our engineering capability and support our strategic growth plan as we continue to work through the industry related challenges we've previously highlighted.”

At 1500 GMT, shares in Tekmar Group were up 4.51% at 53.3p.