Pipeshield scores record contract

Subsea asset protection expert Pipeshield has secured its largest contract win to date.

The deal will see Pipeshield design, engineer, and manufacture a subsea scour protection solution for a major quay development project.

According to its parent company Tekmar, the contract has a value of more than £4 million (close to $5.5 million).

Execution and revenue recognition will take place in the current financial year ending 30 September 2021, Tekmar noted.

To remind, Pipeshiled also recently secured a contract with Subsea 7 to supply concrete mattresses for a project in the Bass Strait, Australia.