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Tekmar Group PLC - Darlington, England-based offshore energy services firm - Wins ‘significant’ new contract for £1.6 million. Says the contract is to supply 100 cable protection systems for use on multiple offshore wind farms in the Shangdong and Guangdong provinces of China.
Chief Executive Officer Alasdair MacDonald says: ‘This award is a continuation of our recent contract momentum and builds on our success in the important Chinese market. The contract reflects the hard work of our team in Shanghai and strengthens the group's presence in the region, supporting our global growth strategy.’
Cable protection systems protect subsea power cables against many factors that could reduce the cable's lifetime. Earlier this month, Tekmar secured a contract for an offshore wind farm project in Japan for an undisclosed sum, to be delivered in 2023.
Current stock price: 11.83 pence, up 9.5%
12-month change: down 76%
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