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Tekmar (TGP) Shares Jump On CPS Contract Award

Updated: 6 Aug 2021

Shares of Tekmar (LON: TGP) have jumped at the open on Friday after the announcement that it has won a contract from Van Oord to supply its Generation 10 Cable Protection System (CPS) for the Baltic Eagle offshore wind farm in the Baltic Sea, Germany.

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Baltic Eagle is Iberdrola's second offshore wind project in Germany, and once complete, it will form part of the largest offshore wind complex in the Baltic Sea.

Tekmar will be involved in engineering, manufacturing, testing, and supplying its latest CPS technology to protect subsea inter-array and inter-platform cables as they transition between seabed, offshore turbines, and offshore substation.

Tekmar will manufacture the CPS and related accessories at their Newton Aycliffe facility in the North East of England for delivery in late 2022.

Russell Edmondson, Tekmar Energy's Managing Director, said: “We are delighted to secure this new award from Van Oord which strengthens our long-standing relationship that has delivered successful offshore wind projects over the years, particularly in Europe, which remains the largest market for offshore wind installations in the world. This award is testament to our continued investment in CPS technology, to safeguard subsea assets in increasingly challenging environments.”

Tekmar's share price is currently trading at 52p, up 5.05%.

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