REG - Tekmar Group PLC - New Contract Award

TekmarAnnouncement

31/05/2023 07:00

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RNS Number : 0801B  Tekmar Group PLC  31 May 2023

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under Article 17 of
MAR. Upon the publication of this announcement via a Regulatory Information
Service, this inside information is considered to be in the public domain.

 

 

TEKMAR GROUP PLC

("Tekmar Group" or the "Group")

 

New Contract Award

 

Tekmar Group (AIM: TGP), a leading technology and services provider for the
global offshore energy markets, is pleased to announce a significant new
contract award with a total value in excess of £5 million.

 

The contract is for the design and supply of Tekmar Group's flagship
Generation 10 cable protection system (CPS) product and associated
ancillaries. The CPS units will be manufactured at the Group's facility in
Newton Aycliffe, United Kingdom. Tekmar Group will utilise its in-house subsea
analysis capabilities and experience to support the project. The project is
expected to commence in 2023 for delivery in 2024.

 

Alasdair Macdonald, CEO of Tekmar Group, said "This contract helps consolidate
our strong position in the growing offshore wind market, and is a testament to
our strong in-house engineering capabilities, which enable us to address
customer's complex engineering requirements and optimise and de-risk projects.
It also reflects the strength of our working relationships with project
developers and key supply chain partners. We look forward to supporting our
partners in successfully delivering this project."

 

 

Enquiries:

 

 Tekmar Group plc                                                  +44 (0)1325 349 050

 Alasdair MacDonald, CEO

 Leanne Wilkinson, Interim CFO

 Singer Capital Markets (Nominated Adviser and Joint Broker)       +44 (0)20 7496 3000

 Rick Thompson / George Tzimas

 Berenberg (Joint Broker)                                          +44 (0)20 3207 7800

 Chris Bowman / Ben Wright / Ciaran Walsh

 Bamburgh Capital Limited (Financial PR & Investor Relations)

 Murdo Montgomery                                                  +44 (0) 131 376 0901

 

 

The person responsible for arranging for the release of this announcement on
behalf of Tekmar is Leanne Wilkinson, Interim Chief Financial Officer.

 

 

About Tekmar Group plc

 

Tekmar Group plc (AIM: TGP) 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 nearly
40 years of experience, we optimise and de-risk projects, solve customers'
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 that offers integrated and
differentiated technology, services and products to our global customer base.

 

Headquartered in Darlington, 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)

 

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