Tekmar Group PLC (AIM:TGP) saw its shares surge nearly 30% higher in Tuesday morning’s deals as it landed what the offshore tech firm described as significant new contracts.
The new business, highlighted in a stock market statement, was won by subsidiaries Pipeshield International Limited and Subsea Innovation Limited.
Tekmar told investors Pipeshield won multiple contracts with an offshore EPC contractor to provide pipeline support and protection materials for major subsea construction projects in the Middle East, The new business is said to be worth over £8mln in aggregate, delivered from its facilities in Saudi Arabia and Qatar, during the first half of 2023.
Subsea Innovation was awarded a contract for a bespoke turnkey launch and recovery (LAR) system, Tekmar said, with the deal estimated to be worth £2mln. It is expected to be delivered by the end of 2023.
In London, Tekmar shares were up 4.2p or 31.7%, changing hands at 17.45p each.