26th Feb 2019 09:48
LONDON (Alliance News) - Subsea cable protection firm Tekmar Group PLC said Tuesday it secured an "important" remedial contract for a UK offshore wind-farm worth GBP3 million over the next six months.
Shares in Tekmar were 6.0% higher at 106.00 pence on Tuesday.
Tekmar - which listed on the AIM market of the London Stock Exchange in June 2018 - explained the contract was for a "bespoke" remedial cable protection system to replace the cable already installed at the unspecified existing UK offshore windfarm.
For the year ended March 2018, Tekmar generated a GBP380,000 pretax loss on revenue of GBP21.9 million.
"This is an important project for the group," Tekmar Chief Executive Officer James Ritchie said. "It is Tekmar Energy's first significant contract for work which will be undertaken within the operational phase of a windfarm, rather than our usual build phase contracts."
"It is also one of the biggest individual contracts Tekmar Energy has won this financial year and was secured through company synergies, product offering and flexibility," Ritchie added. "Tekmar Energy was not previously involved in this project and the win demonstrates that there are many new opportunities for the group in existing wind farms."
"AgileTek provided technical analysis to help identify the root cause and Tekmar Energy are providing proprietary cable protection technology. This demonstrates how the Group's businesses work together to support our vision of becoming our customer's partner of choice for subsea protection."
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