Tekmar shares jump as hails 'significant' $10 million contract win
Tekmar Group PLC on Wednesday said it has won a ‘significant’ new contract award with a leading international engineering procurement and construction contractor.
The Newton Aycliffe, England-based technology and services provider for the offshore energy industry said the contract is worth in excess of $10 million.
The agreement is for the design and manufacture of Tekmar’s polyurethane cable protection system, TekDuct, along with engineered ballast modules, for a major offshore energy project in the United Arab Emirates.
Work on the contract will commence immediately, with final delivery scheduled for the first quarter of 2026.
Chief Executive Richard Turner said: ‘This award reflects our strong presence and track record in the Middle East and underpins our position as a market leader in supporting customers with high-quality engineered asset protection technology. This contract is also an important marker as we translate our healthy pipeline to good quality orders and build the platform for sustained growth for 2026 and beyond.’
Shares in Tekmar jumped 12% to 5.16 pence each in London on Wednesday, although they have fallen 46% in the past 12 months.
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