Subsea cable protection specialist Tekmar has secured a contract worth an initial £3.5m.
The Darlington-based firm told investors on the London Stock Exchange that its latest piece of work, for an unnamed customer, was in an "emerging region for offshore wind farm development". The deal will see Tekmar provide its Generation 10 cable protection systems, with production starting this year and delivery expected to be in 2025.
It follows a separate £2.5m contract announced by the firm before Christmas and due for delivery in the second quarter of this year. That agreement is for the design and supply of Tekmar's TekDuct product, as well as ballast modules and other equipment for use on a project in the Middle East.
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Alasdair MacDonald, CEO of Tekmar Group, said "This contract helps consolidate our position in a growing and important region for offshore wind and highlights the strength of our established engineering capability in supporting deployment of our core technologies globally. It also reflects the strength of our working relationships with project developers and key supply chain partners, where we address customers' complex engineering requirements and optimise and de-risk projects.
"We look forward to supporting our partners in the successful delivery of this project and to collaborating with them on further phases of this landmark project."
Back in June Tekmar reported a record order book with narrowed losses and expectations of breaking even. At the time the firm highlighted work it was doing for the massive Dogger Bank wind farm phases and a $10m project awarded at the start of last year for a customer in the Middle East.
The promising report followed a challenging period for the firm which launched a strategic review which resulted in the search for a buyer before it struck a deal with US private equity firm SCF in April which included £5.2m of investment and £18m of convertible loan notes which could be used to fuel growth ambitions.
