Portfolio

Tekmar wins contracts with Taiwanese offshore wind farm developer

By Iain Gilbert

Date: Tuesday 20 Aug 2019

Tekmar wins contracts with Taiwanese offshore wind farm developer

(Sharecast News) - Subsea protection equipment provider Tekmar has won two new contracts for the supply of its flagship cable protection system product in Taiwan.
Tekmar, via its Tekmar Energy subsidiary, will supply its unnamed client with its Teklink product and other associated accessories as part of the deal.

The AIM-listed group said the combined value of the contracts, which was for execution and revenue recognition primarily in its current financial year, was worth roughly £4.0m to the firm.

Chief executive James Ritchie said: "As we have highlighted, the Asia-Pacific offshore market is strategically important to Tekmar and Taiwan has high ambitions for offshore wind, targeting around 9GW of power by 2030.

"These awards demonstrate our ability to secure and deliver to this emerging market and our commitment to the region as a whole."

Ritchie added that the contracts were in line with Tekmar's existing management expectations and highlighted that the group was not altering its guidance for the full-year.

As of 1000 BST, Tekmar shares had picked up 2.06% to 124p.

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