Shares in Tekmar Group PLC (AIM:TGP) surged 60% after the company announced it has won a contract to supply cable protection systems (CPS) for the third phase of Dogger Bank C wind farm in the UK.
AIM-traded Tekmar will design, manufacture and supply a further 172 CPS in addition to an existing contract with EPCI contractor DEME Offshore to supply 380 CPS to protect subsea array cables on Dogger Bank A and B project phases.
The combined contract value across the Dogger Bank wind farm represents Tekmar's largest CPS supply contract to date, it said.
Dogger Bank is a 3.6 gigawatt (GW) offshore wind farm located 130km off the North East coast of England. It is set to become the world's largest offshore wind farm, capable of generating enough renewable energy to power six million UK homes once fully operational.
The first CPS for the Dogger Bank C phase of the project are expected to be delivered in the third quarter of 2024, with production continuing into 2025.
Shares in Tekmar were up 60% at 10.75p in mid-morning trading.