REG - Tekmar Group PLC - Resolution of Legacy Defect Notifications

TekmarAnnouncement

Wed 07:00

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RNS Number : 7646W  Tekmar Group PLC  27 August 2025

Tekmar Group plc

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

 

Resolution of Legacy Defect Notifications

 

Tekmar Group plc (AIM: TGP), a leading provider of asset protection technology
and offshore energy services globally, announces that it has reached a
commercial settlement with one of its customers (the "Customer") in relation
to a number of legacy defect notifications, as referenced in the Company's
FY24 Annual Report.

 

The settlements relate to the industry-wide issue of abrasion affecting legacy
cable protection systems installed at offshore wind farms. Tekmar has agreed
settlement terms with the Customer with no admission of liability and no
conclusion of defect with the Company's products.

 

The financial impact of the settlement is fully covered by insurance proceeds
already received by Tekmar and will therefore have no cash impact. The
agreement draws a line under all known defect claims with the Customer and
does not affect Tekmar's ongoing commercial relationships with the Customer
or, in Tekmar's view, the wider industry.

 

With matters fully concluded with this Customer, and the announcement by
Tekmar on 20 March 2025 relating to a commercial settlement concluded with a
different customer, commercial discussions remain ongoing regarding the
resolution of the remaining notifications related to legacy matters as set out
in the FY24 Annual Report.

 

Richard Turner, CEO of Tekmar Group, commented:

"Resolving these legacy matters is an important step as we continue to move
forward from historic industry-wide challenges. We are pleased to have reached
this agreement, fully supported by insurance proceeds, and to maintain a
strong and positive relationship with a leading offshore wind developer. Our
focus remains firmly on developing market leading products, growing our
orderbook and delivering value for customers across the global offshore energy
market."

 

Enquiries:

 

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

 Phil Lanigan, 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
(https://investors.tekmar.co.uk/investors/rns-email-alerts/)

 

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