Contract Awards

Tekmar Group (AIM: TGP), a leading provider of products and solutions for the global offshore energy market, is pleased to announce it has recently secured a number of contract awards, with a cumulative value of approximately £6 million.

Contract awards

• Tekmar subsidiary Pipeshield International has been awarded contracts with a combined value in excess of £4 million. The contracts comprise the manufacture and supply of concrete mattresses and sleepers to support subsea pipelines, PRP rock bags and lifting equipment rental. The contracts are scheduled for delivery in the current financial year ending 30 September 2024.
• Separately, Tekmar's offshore wind business has secured a contract award of approximately £2 million with a tier one offshore wind contractor for the design and supply of Tekmar Group's flagship Generation 10 cable protection system (CPS) product and associated ancillaries. Delivery of the CPS systems is scheduled for September 2025.
• These contract awards support order intake of approximately £23 million in the financial year to date.

Alasdair MacDonald, CEO, commented: "These contract wins highlight a number of the themes we outlined in our recent results: we are continuing to secure contract volume on more favourable terms and our pipeline and enquiry book remains healthy across the Group. Additionally, our Pipeshield business continues to win significant and profitable contracts balancing our offshore wind opportunity and building on its strong performance in 2023."