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Share Name Share Symbol Market Type Share ISIN Share Description
Tekmar Group Plc LSE:TGP London Ordinary Share GB00BDFGGK53 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -4.00 -5.33% 71.00 70.00 72.00 75.00 71.00 75.00 293,506 15:42:43
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil Equipment Services & Distribution 40.9 2.0 3.9 18.4 36

Tekmar Group PLC Recent Contract Awards

03/09/2020 7:00am

RNS Non-Regulatory


TIDMTGP

Tekmar Group PLC

03 September 2020

REACH

3 September 2020

TEKMAR GROUP PLC

("Tekmar Group" or "the Group")

RECENT CONTRACT AWARDS

Tekmar Group, a leading provider of technology and services for the global offshore energy markets, is pleased to provide a summary on recent progress.

The Group has secured a number of contracts with an aggregate value of over GBP6.0m due to be delivered in FY21. These contracts which are detailed below, show the progress being made by the Group in increasing the number of collaborative projects its businesses are working on, increasing new market opportunities, and its continued expansion into the Asia Pacific region, areas which were highlighted in this year's annual report as a focus for the Group in the current year.

Collaborative projects

During August, Tekmar Energy and Pipeshield International won multiple contracts to supply subsea asset protection and stabilisation technologies to energy companies and tier one contractors for a major offshore oil and gas project in Saudi Arabia. The two companies, operating together under the Tekmar Group umbrella, combined their capabilities to design, engineer, manufacture and supply over 6,000 metres of TekDuct, over 3,000 ballast modules, 300 bespoke concrete mattresses, vertical restrictors and centralisers for the protection and stabilisation of subsea pipelines, umbilicals and power cables.

These recent project awards demonstrate the benefits of the Group's expansion strategy in the Middle East, where Tekmar Group aims to become a leading provider of subsea technologies and services for offshore energy projects in the region.

New market opportunities

Subsea Innovation has been awarded a contract to develop and deliver novel operation and maintenance ("O&M") solutions for an offshore wind farm in the UK, including an OPEX cable repair solution, scour protection and marine growth cleaning equipment. This is the thirteenth project for Subsea Innovation in the offshore wind market, as it looks to expand its offering from beyond its traditional oil and gas market.

Pipeshield International has secured several contracts to supply asset and scour protection solutions to the marine civils sector, including a ferry terminal upgrade project in the North East of Scotland, beach access works on the East coast of England and specialist scour protection to the river bed and banks of the River Tay in Dundee. Pipeshield International is continuing to see increasing demand for its marine civils products and services throughout Europe.

Expansion into Asia Pacific

Building on the significant expansion into this region during FY20, Tekmar Energy was awarded its first major contact in Japan in late July, to supply the Group's patented TekLink product for the Akita and Noshiro offshore wind farms, which are set to be the first utility-scale offshore wind projects in Japan. The contract strengthens the Group's position in the country, which has ambitious targets for offshore wind.

In China, where Tekmar Energy is already fulfilling contracts through its regional office, the Group has been awarded a contract to supply cable protection systems for a major offshore windfarm project in the Jiangsu province on the East coast of China.

Commenting on these recent wins for Tekmar, the Group's Executive Chairman, Alasdair MacDonald, said:

"These recent contract awards help underpin our overall confidence in the Group's prospects, which we expressed in our full year results announcement in August. Our success in securing project wins through the collaboration of our Group businesses shows how much the business is benefitting from its diversification into complementary technologies and being able to offer our international customers a unique customer-value proposition."

Enquiries:

 
Tekmar Group plc 
 Alasdair Macdonald, Executive Chairman 
 Sue Hurst, Chief Financial Officer                 +44 (0)1325 379 520 
Grant Thornton UK LLP (Nominated Adviser) 
 Philip Secrett / Jen Clarke                        +44 (0)20 7383 5100 
Berenberg (Broker) 
 Chris Bowman / Ben Wright / Richard Salmond        +44 (0)20 3207 7800 
Belvedere Communications (Financial PR)        TekmarPR@belvederepr.com 
 Cat Valentine                                     +44 (0) 7715 769 078 
 Keeley Clarke                                     +44 (0) 7967 816 525 
 

About Tekmar Group plc - www.tekmargroup.com

Tekmar Group plc's vision is to be the leading provider of technology and services for the global offshore energy markets. The Group has five primary operating companies; these are Tekmar Energy Limited, Subsea Innovation Limited, AgileTek Engineering Limited, Ryder Geotechnical Limited and Pipeshield International limited.

Tekmar Energy is a global market leader in protection systems for subsea cable, umbilical and flexible pipe. Tekmar Energy has been trusted to protect billions of Euros worth of assets in the offshore wind, oil & gas, wave, tidal and interconnector markets since 1985.

Subsea Innovation is a global leader in the design, manufacture and supply of complex engineered equipment and technology used in the offshore energy market. Its products include large equipment handling systems which operate on the back of pipelay installation vessels; emergency pipeline repair clamps (EPRC) which protect major oil and gas pipelines, and bespoke equipment for use in the construction of offshore energy projects.

AgileTek Engineering is an award-winning subsea engineering consultancy for offshore energy projects. AgileTek helps its clients de-risk projects through advanced computer simulation and analysis. AgileDat, a division of AgileTek, provides software development, cloud architecture and data analytics services.

Ryder Geotechnical provides expert geotechnical design and consulting services to the offshore wind and subsea oil and gas sectors. Services include offshore structure foundation design, geohazard assessment and subsea cable routing and burial assessment.

Pipeshield International is a market leading provider of specialised subsea protection solutions in the form of concrete mattresses used for the stabilisation and impact protection of subsea equipment in areas where they cannot be buried and further to limit the development of scour (seabed erosion) particularly local to that of a foundation, pipeline or in marine ports.

Tekmar Energy and Tekmar Group plc is headquartered in Newton Aycliffe in the United Kingdom; AgileTek operates from an office in London; Subsea Innovation has its head office and manufacturing centre in Darlington, United Kingdom. Ryder operates in Newcastle and within AgileTek London, Pipeshield headquarters are in Lowestoft with manufacturing in Montrose and Blyth. Tekmar Group plc also has strategic supply bases and representation across Europe, Africa, the Middle East and Asia Pacific.

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