REG - Tekmar Group PLC - Commercial Settlement

TekmarAnnouncement

20/03/2025 07:15

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RNS Number : 3819B  Tekmar Group PLC  20 March 2025

 

Tekmar Group plc

("Tekmar", the "Company" or the "Group")

 

Commercial Settlement

 

Tekmar Group plc (AIM: TGP), the leading provider of technology and services
for the global offshore energy markets, announces it has reached a commercial
settlement with a customer (the "Customer") relating to one of the ongoing
legacy defect notifications as covered in the FY24 Annual Report. This relates
to the industry-wide issue regarding abrasion of legacy cable protection
systems installed at offshore windfarms.

 

Tekmar has agreed settlement terms with the Customer with no admission of
liability and no conclusion of defect with the Company's product. The balance
of the settlement agreement is fully covered by the insurance monies already
received by the Company with nil cash impact on the Company. The settlement
does not impact the Company's ongoing commercial relationships in the
industry. Commercial discussions are ongoing regarding resolution of the
remaining disputes related to the legacy defect notifications as detailed in
the FY24 Annual Report.

 

Richard Turner, CEO of Tekmar Group, commented: "This is significant progress
in our efforts to draw a line under historical industry wide issues whilst
maintaining positive and collaborative relationships with key stakeholders. We
are pleased to conclude this agreement, which is entirely covered by an
insurance settlement, and expect to make further progress on other legacy
matters throughout the course of 2025 whilst we continue to focus on growing
our orderbook and delivering projects on behalf of our customers."

 

Enquiries:

 Tekmar Group plc                                              c/o +44 (0)20 4582 3500
 Richard Turner, CEO

 Leanne Wilkinson, CFO

 Cavendish Capital Markets Limited (Nomad and Broker)          +44 (0)131 220 9772
 Peter Lynch

                                                             +44 (0)131 220 9771
 Neil McDonald

                                                             +44 (0)131 220 9775
 Pearl Kellie

 Gracechurch Group (Financial Media & Investor Relations)      +44 (0)20 4582 3500

 Murdo Montgomery

 Heather Armstrong

 

About Tekmar Group plc

 

Tekmar Group plc 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 near 40
years of experience, we optimise and de-risk projects, solve customer's
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 which offers integrated and
differentiated technology, services and products to our global customer base.

 

Headquartered in Newton Aycliffe, 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 (http://www.tekmargroup.com/)

Subscribe to further news from Tekmar Group at Group News
(http://eepurl.com/cN91l5) .

 

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