Author: Michael Manning

Tekmar Group plc announce new contract award for the design and supply of TekDuct.

Tekmar Group (AIM: TGP), a leading technology and services provider for the global offshore energy markets, is pleased to announce a new contract award with a total value in excess of £2.5 million.

The contract is for the design and supply of TekDuct, one of Tekmar Group’s cable protection products, ballast modules and associated ancillaries for a significant subsea project in the Middle East and is expected to be delivered in the second quarter of 2024.

Alasdair Macdonald, CEO of Tekmar Group, said “This contract highlights our strong position in the Middle East, a strategically important market for us, where we are well positioned to support our customers’ complex engineering requirements in the region. We look forward to supporting our partners in successfully delivering this project.”

Strategic Investment Positions Tekmar for Accelerated Growth in Offshore Energy Markets

Tekmar Group plc, a leading provider of technology and services for the global offshore energy markets, announces it has secured a significant strategic investment from SCF Partners, a private equity investor focused on the global energy sector. Through their investment, SCF are providing £22m of committed capital to accelerate its growth strategy that will capitalise on the increasing demand for offshore wind projects worldwide.

Alasdair MacDonald, CEO of Tekmar Group, said: “We are delighted to have successfully completed the strategic investment with SCF, which is a very significant and positive landmark for the business. SCF are a highly complementary partner for Tekmar and share our ambition to build a leading offshore energy product and services company, leveraging Tekmar’s existing market-leading and trusted position in the industry. SCF are a highly regarded energy services investor with a long track record of building leading energy services businesses globally and generating significant shareholder value. SCF has diligently assessed the strength of Tekmar’s existing business and sees the significant opportunity we have to grow with our customers in our core markets.

Importantly, this transaction emphasises continuity and confidence to Tekmar’s key stakeholders, with Tekmar remaining an independent publicly traded company, now with enhanced investment capacity to develop new technology, expand our product offerings, and enter new markets. The strategic investment by SCF therefore very successfully concludes the strategic review process.

We are also delighted to welcome Steve Lockard and Colin Welsh to the Board of Tekmar as representatives of SCF and separately to announce the appointment of Bill Boyle as Chief Commercial Officer, further strengthening the management team.

We are excited about the future for Tekmar and are confident we will deliver on the significant opportunity ahead in our core markets to further strengthen our industry position for the benefit of all shareholders, customers, partners and employees.”

Steve Lockard, Operating Partner at SCF and former wind industry CEO, said: “SCF are excited to be partnering with the team at Tekmar. From our perspective, we are investing in a business with market leading positions and a strong reputation in the industry for engineering excellence. We firmly believe this creates an unrivalled platform for Tekmar to grow with their customers and industry partners, creating a leading player in the offshore energy market.

Tekmar plays a critical role in supporting the decarbonisation of energy infrastructure and the team has the capability and core offering to support today’s infrastructure requirements and also to play a leadership role in broadening their offering in support of the industry’s maturing requirements in an increasingly complex offshore wind environment.  Our investment reinforces Tekmar’s market leading position today and provides flexible capital to accelerate growth in a dynamic industry where investment is scaling rapidly in support of the world’s evolving sources of energy.”

 

About SCF Partners

SCF Partners is a private equity firm focused on building energy services, equipment, and technology companies. It is headquartered in Houston, Texas, USA and with associated offices in: Calgary, Canada; Aberdeen, Scotland, UK; Adelaide, Southern Australia, Australia; and Singapore. Over its 34 year history of energy investing, SCF Partners have completed more than 370 growth investments into 78 platform companies and helped build 18 public companies. SCF Partners provides strategic and operational support alongside facilitating growth through acquisitions and geographic expansion initiatives to build leading companies across the globe.

 

About Tekmar Group plc

Tekmar Group plc (AIM: TGP) collaborates with its partners to deliver robust and sustainable engineering led solutions that enable the world’s energy transition.

We provide a range of engineering services and technologies to support and protect offshore wind farms, other offshore energy assets and marine infrastructure. With near 40 years of experience, we optimise and de-risk projects, solve customer’s engineering challenges, improve safety and lower project costs. Our capabilities include geotechnical design and analysis, simulation and engineering analysis, bespoke equipment design and build, subsea protection technology and subsea stability technology.

We have a clear strategy focused on strengthening Tekmar’s value proposition as an engineering solutions-led business which offers integrated and differentiated technology, services, and products to our global customer base.

Headquartered in Darlington, UK, Tekmar Group has an extensive global reach with offices, manufacturing facilities, strategic supply partnerships, and representation in 18 locations across Europe, Africa, the Middle East, Asia Pacific, and North America.

Tekmar Group will exhibit at IPF 2023 (28 – 30 March)

Tekmar Group is pleased to announce our upcoming attendance at IPF 2023 in Baltimore, Maryland, from 28 to 30 March. We will exhibit with DeepWater Buoyancy to present our innovative marine technology solutions, subsea cable protection systems and buoyancy solutions.

As a leading provider of subsea cable protection systems, Tekmar Group is dedicated to delivering reliable and high-quality products that ensure the longevity and safety of subsea assets. Our products protect against impacts, abrasion, and other environmental factors, ensuring cables remain secure and functional in harsh marine environments.

DeepWater Buoyancy is a global leader in designing and manufacturing subsea buoyancy solutions. Their product line includes a range of subsea buoyancy products, including mooring buoys, instrument housings, and pipeline buoyancy products. Their solutions are used in various offshore applications, from oil and gas to renewable energy.

At the IPF 2023 event, we will showcase our combined expertise in innovative subsea and buoyancy solutions. Our team of experts will be on hand to discuss your specific project needs and provide customised solutions to meet your requirements.

If you want to learn more about our products and solutions, please visit us at Booth #450 during the IPF 2023 event in Baltimore. Alternatively, you can contact us at garyhowland@tekmar.co.uk to arrange a meeting with our team during the event.

We look forward to seeing you at the IPF 2023 event in Baltimore!

 

What is IPF 2023?

The International Offshore Wind Partnering Forum (IPF) is the premier offshore wind energy conference in the Americas. Hosted by the Business Network for Offshore Wind, IPF connects global leaders and businesses in the supply chain, offers unparalleled networking opportunities, and delivers the most timely and relevant updates on the industry, from technology and policy to safety and siting.

In addition to plenary presentations and cutting-edge workshops from public officials and industry leaders, IPF offers registrants various networking opportunities to grow businesses, including the popular WindMatch™ program. With the rapid expansion of offshore wind, IPF attendance helps secure your place as a leader in the industry.

Group companies Pipeshield International Limited and Subsea Innovation Limited, have been awarded several significant contracts.

Tekmar Group (AIM: TGP), a leading provider of technology and services for the global offshore energy markets, is pleased to announce that Group companies Pipeshield International Limited and Subsea Innovation Limited, have been awarded several significant contracts.

Pipeshield International Limited has been awarded multiple contracts from an offshore EPC contractor to provide pipeline support and protection materials for major subsea construction projects in the Middle East. This builds on Pipeshield’s extensive experience in the region and the contracts include the design, manufacturing and supply of concrete sleepers, concrete mattresses and associated equipment. The products will be manufactured at Pipeshield’s regional supply bases in Damman (KSA) and Doha (Qatar). The combined value of the projects is over £8 m with delivery expected in the first half of 2023.

Steven Howlett, Managing Director of Pipeshield, said: “The contracts help consolidate our position in the Middle East and create a basis for further regional expansion supporting our growth strategy. I congratulate the team on securing these projects, which are a testament to our subsea engineering and project management expertise, as well as our local manufacturing and supply chain capability”.

Subsea Innovation has been awarded a significant contract for a bespoke turnkey launch and recovery (LAR) system. This builds on Subsea Innovation’s extensive experience in the production of LARs systems and the scope of this contract includes the design and build of the A-frame, winch with interchangeable drum sets, hydraulic power unit (HPU) and transport frames. The contract value is approximately £2 million and is expected to be delivered by December 2023.

Dave Thompson, Managing Director of Subsea Innovation, said: “We are pleased that Subsea Innovation has been awarded this significant contract for bespoke mission equipment. This contract award further strengthens our position as a leader in the sector and supports the continued growth of our business. We are excited to work on this project and deliver exceptional results for our client.”

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