Two Tekmar divisions win several 'significant' contracts

10th Jan 2023 15:32

(Sharecast News) - Offshore energy technology and service provider Tekmar announced on Tuesday that its Pipeshield International and Subsea Innovation divisions had both been awarded several "significant" contracts.

The AIM-traded firm said Pipeshield had been awarded multiple contracts from an offshore engineering, procurement and construction (EPC) contractor to provide pipeline support and protection materials for major subsea construction projects in the Middle East.

It said the combined value of the projects would be more than £8m, with delivery expected in the first half of this year.

The board said the contracts built on Pipeshield's "extensive experience" in the region, and would include the design, manufacturing and supply of concrete sleepers, concrete mattresses and associated equipment.

It said the products would be manufactured at Pipeshield's regional supply bases in Dammam, Saudi Arabia and Doha, Qatar.

"The contracts help consolidate our position in the Middle East and create a basis for further regional expansion supporting our growth strategy," said Pipeshield's managing director Steven Howlett.

"I congratulate the team on securing these projects, which are a testament to our subsea engineering and project management expertise, as well as our local manufacturing and supply chain capability."

Subsea Innovation, meanwhile, had been awarded a "significant contract" for a bespoke turnkey launch and recovery (LAR) system.

The firm said it would build on Subsea's experience in the production of LAR systems, with the scope of the contract including the design-and-build of the A-frame, winch with interchangeable drum sets, hydraulic power unit (HPU) and transport frames.

It said the contract value would be around £2m, adding that it was expected to be delivered by this December.

"We are pleased that Subsea Innovation has been awarded this significant contract for bespoke mission equipment," said that division's managing director Dave Thompson.

"This contract award further strengthens our position as a leader in the sector and supports the continued growth of our business.

"We are excited to work on this project and deliver exceptional results for our client."

At 1507 GMT, shares in Tekmar Group were up 25.47% at 16.62p.

Reporting by Josh White for Sharecast.com.