Offshore tech firm now on a 'stronger footing'

OFFSHORE firm Tekmar has announced an €8m contract award and says it is heading into the new year in a much stronger position than it was 12 months ago.

- GRAEME WHITFIELD

The County Durham firm has been awarded the contract with an existing engineering, procurement and construction (EPC) customer for a major UK offshore wind farm.

Delivery is scheduled for March 2027, with revenue recognition expected across the company's FY26 and FY27 financial years.

In a statement to the Stock Exchange, Tekmar said that revenue for year ending September 30 would be around £29m, in line with market expectations and above breakeven adjusted Ebitda.

It said a "concerted effort was made through FY25 to develop a sustainably larger pipeline of work with a higher degree of both geographical and end market diversification".