Tekmar Group announced on September 29 that it has extended a €6 million contract for an offshore wind project in Europe. The company also stated that it has secured an additional investment facility worth £4 million (approximately €4.7 million) to support growth in the European offshore wind market.
Details of the Extension Contract
Under the extension contract, the UK-based company will supply cable protection systems (CPS) and related accessories, as well as provide specialized engineering, analysis, and design services. Tekmar Group will manufacture CPS and accessories at its facilities in Newton Aycliffe, located in the UK.
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This contract is contingent upon the final investment decision (FID) of the project, which is expected to be made in the first quarter of 2027. Additionally, the contract includes an option for a second phase with a similar scope and value, dependent on the client's choice and the second phase reaching FID.
Background of Contracts and Financing
Tekmar Group has not disclosed the name of the project or client. This award follows a previous contract worth over £4 million that the company secured in February for an offshore wind project in Europe with an existing client. Under this contract, Tekmar Group is supplying the tenth generation of CPS and related accessories, with delivery anticipated in 2027.
In March, Tekmar Group announced two contracts worth a total of £2 million (approximately €2.3 million) for an offshore wind project in Japan. The company has also recently secured a contract worth around €1 million to provide concrete protection solutions for a large offshore wind project in Europe, but the project and client names have not been disclosed.
On September 29, Tekmar Group announced that it has secured an additional £4 million investment facility, which will be added to the existing UKEF-backed commercial loan through a bill discounting facility. This additional facility provides Tekmar Group with greater flexibility to support sales growth in the European offshore wind market, where the size of individual projects has increased and is more suitable for managing production schedules and utilizing its manufacturing assets.
The company stated that the recent financing is part of the ongoing development of its balance sheet and financial position. Tekmar Group also referred to supporting initiatives under Project Aurora, which aims to deepen relationships with clients and provide a more integrated offering in engineering and asset protection.
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