Tekmar's Pipeshield signs £4m quay contract

Tekmar shares jumped after its Pipeshield business signed a contract worth more than £4m for a major quay development project.

The offshore energy services provider said the deal was Pipeshield's biggest contract yet. Pipeshield will design, engineer and manufacture subsea scour protection for the quay.

"The contract … is for execution and revenue recognition in the current financial year ending 30 September 2021," Tekmar said.

Tekmar shares rose 8.3% to 67.70p at 10:12 GMT.