Tekmar Group PLC (AIM:TGP) began Monday's exchanges strongly after announcing a new contract worth more than €3.5 million to supply cable-protection technology to a major offshore energy project in the Middle East.
The company said the award is its largest polyurethane cable-protection contract to date for this particular customer, described as a leading global oilfield services provider.
“This award highlights our continued growth in the Middle East and the confidence customers place in Tekmar's proven technology and engineering expertise,” chief executive Richard Turner said.
Tekmar noted the win continues the company's momentum in the region following a $10 million contract announced in September.
In London, Tekmar shares jumped to an early high of 6.5p before easing, and, now at around 5.9p, the share was up around 6%.