Tekmar Group PLC
09 September 2026
Tekmar Group plc
("Tekmar", the "Company" or the "Group")
Legacy Defect Notifications
Tekmar Group plc (AIM: TGP), a leading provider of asset protection technology and offshore energy services globally, is pleased to announce that it has reached a settlement with a customer (the "Customer") in connection with outstanding legacy defect notifications, as referenced in the Company's FY25 Annual Report.
The settlement relates to the industry-wide issue of abrasion affecting legacy cable protection systems installed at offshore wind farms. Tekmar has agreed settlement terms with the Customer with no admission of liability and no conclusion of defect with the Company's products.
The financial impact of the settlement is within the amounts provided for in the Company's FY25 Annual Report and, therefore, will have no detrimental impact on the Group's financial performance in FY26. The settlement is payable in cash shortly and will be funded primarily from insurance proceeds already received by Tekmar.
Richard Turner, CEO of Tekmar Group, commented:
"When I was appointed as CEO in September 2024, the industry, including Tekmar, faced a degree of uncertainty in connection with issues arising on previously installed cable protection systems.
Resolving these legacy matters is positive for Tekmar's future and builds on the significant progress that has already been made in this area. This settlement is a major step towards drawing a line under all known significant defect notifications relating to abrasion of legacy cable protection systems installed at offshore windfarms. This and other settlements have been achieved while retaining robust relationships with these customers who we continue to support on Offshore Wind projects."
-ENDS-
Enquiries:
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Tekmar Group plc Phil Lanigan, CFO |
c/o +44 (0)20 7770 6424 |
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Cavendish Capital Markets Limited (Nomad and Broker) Neil McDonald Pearl Kellie |
+44 (0)131 220 9771 +44 (0)131 220 9775 |
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Celicourt Communications (Financial Media & Investor Relations) Philip Dennis Sophie Brand Kristina Qevani |
+44 (0)20 7770 6424 |
About Tekmar Group plc
Tekmar Group plc is a leading provider of asset protection technology and offshore energy services, supporting the global energy transition and marine infrastructure markets.
Operating across two core divisions - Asset Protection Technology and Offshore Energy Services - the Group delivers proprietary, engineering-led solutions that protect, stabilise and extend the life of critical offshore assets, including offshore wind farms, subsea interconnectors, oil and gas infrastructure, and ports and harbours.
With 40 years of experience, Tekmar has delivered asset protection and stabilisation solutions to more than 120 offshore wind projects across 25 countries, supporting over 50GW of installed capacity globally. The Group has deployed over 12,000 cable protection systems, supplied more than 100,000 subsea stabilisation products, and delivered in excess of 300,000 geotechnical and analysis hours, underpinned by a team of specialist engineers across multiple disciplines.
Through continuous innovation and scalable engineering and manufacturing capability, Tekmar supports increasingly complex offshore energy and marine infrastructure developments worldwide.
Headquartered in Newton Aycliffe, UK, Tekmar Group operates internationally with offices, manufacturing facilities, strategic supply partnerships and representation across Europe, Africa, the Middle East, Asia- Pacific and North America.
For more information visit: https://tekmar.co.uk/
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