Tekmar Group toasts offshore wind contract wins worth £6m

Offshore kit specialist Tekmar Group is toasting a number of contract wins worth around £6m as it builds upon growing opportunities in the offshore wind market.

The Darlington based business, which provides products and solutions to the global offshore energy market, said the new deals tot up its order value in the financial year to date to approximately £23m. The firm announced to shareholders that its subsidiary Pipeshield International has been awarded contracts with a combined value in excess of £4m.

The deals include the manufacture and supply of concrete mattresses and sleepers to support subsea pipelines, lifting equipment rental and PRP (Precise Rock Placement) rock bags. The contracts are scheduled to be delivered this financial year, ending 30 September 2024.

In a separate deal Tekmar’s offshore wind business has secured a contract worth around £2m with a tier one offshore wind contractor, for the design and supply of the group’s flagship Generation 10 cable protection system (CPS) product and associated ancillaries. The cable protection systems are scheduled to be delivered for September 2025.

The contracts come a month after the group unveiled its full year results, in which bosses said they were encouraged by the opportunities for new orders in the current financial year, having seen losses widen in the previous year. Revenues increased from £30.2m to £39.9m in the year ending September 2023, while operating losses grew from £4.6m to £9.3m, predominantly due to a £4.7m writedown of goodwill in its offshore energy division.

Last year also saw Tekmar secure a £22m investment in a partnership with US based SCF Partners, following a strategic review in the wake of a number off challenges posed by the pandemic, compounded by cost pressures and inefficiencies caused by lower volumes, supply chain and logistics challenges.