Offshore energy specialist Tekmar Group has announced a significant €8 million contract award, signalling a stronger position as it heads into the new financial year.
Major UK Offshore Wind Project Win
The County Durham-based firm revealed it has been selected by an existing engineering, procurement, and construction (EPC) customer to work on a major UK offshore wind farm. Delivery is scheduled for March 2027, with the company recognising revenue across its 2026 and 2027 financial years.
This latest award builds on recent momentum for Tekmar. Earlier in the year, the company secured a US$10 million deal to supply cable protection technology for a major offshore energy project in the United Arab Emirates. This was followed by a €3.5 million contract in November with a leading global oilfield services provider in the Middle East.
Financial Performance and Growing Pipeline
In a statement to the Stock Exchange, Tekmar confirmed that revenue for the year ending 30 September 2025 is expected to be approximately £29 million, aligning with market expectations and delivering an adjusted EBITDA above breakeven.
The company stated it made a "concerted effort" during the last financial year to develop a larger and more sustainable pipeline of work. This strategy has focused on achieving greater geographical spread and diversification across its end markets, which include offshore wind, oil and gas, and ports.
Leadership Confident in Stronger Footing
Richard Turner, Chief Executive of Tekmar Group plc, expressed his delight at the contract award, which strengthens a long-standing customer relationship. He highlighted that the win reinforces Tekmar's market-leading position in subsea asset protection, with its technologies now safeguarding over 50 GW of offshore wind capacity across more than 120 projects globally.
"This significant contract award helps to underline the momentum we have across our business," said Mr Turner. "We exited FY25 with an improving financial performance and have started the new financial year with several significant contract wins, resulting in a current order backlog of £29 million."
He emphasised that this backlog and the company's commercial run rate place it on a "much stronger footing than it was 12 months ago." The growing order book supports better resource utilisation and provides improved revenue visibility for the next 12 to 24 months, benefits which can be delivered with the firm's current operational resources.
