Tekmar Group has secured a €6 million contract extension for an offshore wind project in Europe, the company said in a trading update on September 29, in which Tekmar also shared that it secured an additional £4 million (approximately €4.7 million) working capital facility to support growth in the European offshore wind market.
Under the contract extension, the UK-based company will supply its cable protection systems (CPS) and associated accessories, as well as specialist engineering, analysis and design services. Tekmar will manufacture the CPS and accessories at its facility in Newton Aycliffe, UK.
The award is subject to the project’s final investment decision (FID), which is currently expected in the first quarter of 2027. The contract also includes an option for a second phase with a broadly similar scope and value, subject to the customer exercising the option and the second phase reaching FID.
Tekmar did not disclose the name of the project or customer.
The new award follows a contract worth more than £4 million that Tekmar secured in February for a European offshore wind project with a long-standing customer, under which the company is supplying its 10th-generation CPS and associated ancillaries, with delivery expected in 2027.
In March, Tekmar announced two contracts worth a combined £2 million (approximately €2.3 million) for an offshore wind project in Japan. The company was also recently awarded a contract worth around €1 million to provide concrete protection solutions for what Tekmar said was a "major" European offshore wind project, leaving the project and client names undisclosed.
The company also reported on September 29 that it had secured a further £4 million working capital facility, which supplements its existing UKEF-backed trade loan through an invoice discounting facility.
Tekmar said the additional facility will provide greater flexibility to support sales growth in the European offshore wind market, where individual project sizes have increased, and to manage production schedules and utilisation of its manufacturing assets.
The company said the latest financing forms part of its continued development of its balance sheet and funding position. Tekmar said the contract award also supports initiatives under its Project Aurora, through which it is seeking to deepen customer relationships and provide a more integrated engineering and asset protection offering.