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Tekmar Up 6% On Wind Farm Contract Win

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Updated: 17 Dec 2021
  • Tekmar shares have risen 6% to over 51p
  • The company won a contract to supply CPS for a wind bank farm
  • The systems will be manufactured at Tekmar's facility

Tekmar (LON: TGP) — the technology and services provider for offshore energy markets — has seen its shares rise Friday morning on the back of a contract win to supply Cable Protection Systems (CPS) for the Dogger Bank Wind Farm in the UK.

Dogger Bank is a 3.6GW offshore wind farm located around 130km off the North East coast of England. The project is a joint venture between SSE Renewables, Equinor and Eni. The combined capacity will make it the world's largest offshore wind farm.

The AIM-quoted company signed a contract with DEME Offshore to design, produce, and supply Generation 10 TekTube CPS to safeguard subsea inter-array cables for the project's first two phases, with an option for the third phase.

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The systems will be manufactured at Tekmar's facility in the North East of England, near to Dogger Bank's export cable landfall site. The first systems will be delivered from August 2022, with production continuing into 2024.

Tekmar Group CEO, Alasdair MacDonald, said: “This landmark contract reinforces our global market leading position in one of our core technologies and is testament to Tekmar's range of in-house engineering capabilities to address complex engineering challenges and optimise and de-risk client projects. Whilst this contract has limited financial impact on the current financial year, we are encouraged by this and other recent awards, which support our strategic plan as we work through the ongoing challenges we highlighted in our October trading statement.

Tekmar shares are currently up over 6%, trading above the 51p mark.

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