Tekmar nets €6 million contract extension to drive offshore wind growth

Tekmar Group has secured a €6 million contract extension for a major offshore wind project in Europe, reinforcing its role in the region’s expanding renewable energy sector. The company announced the deal alongside a £4 million (approximately €4.7 million) working capital facility intended to support its growing offshore wind operations.

The contract extension, announced on 29 September, will see Tekmar supply cable protection systems (CPS), accessories, and engineering services. Execution of the contract is contingent on the project’s final investment decision (FID), expected in the first quarter of 2027. An option for a second phase remains subject to customer approval and the FID, according to the company.

This latest award builds on a series of recent wins for Tekmar. In February, the group secured a contract worth over £4 million for another European offshore wind project. Two further contracts in March, valued at a combined £2 million, expanded Tekmar’s footprint into the Japanese offshore wind market. A separate contract for concrete protection solutions, valued at €1 million, was also recently announced.

The new working capital facility, worth £4 million, is expected to provide Tekmar with additional liquidity to manage larger and more complex offshore wind projects. This financial capacity is seen as key for supporting the company’s growth strategy, particularly as project sizes and technical demands increase in the European market.

For Europe, the contract supports the rollout of offshore wind infrastructure, aligning with EU renewable energy targets and efforts to accelerate the transition away from fossil fuels. The offshore wind sector is a central pillar in the EU’s energy strategy, and supply chain investments such as this underpin the bloc’s ambitions.

However, the company’s progress remains tied to the timing and certainty of the project’s final investment decision. Any delays or shifts in market conditions could impact contract execution and revenue realisation. Market volatility in offshore wind has resulted in project deferrals and renegotiations across the industry in recent months.

If delivered as planned, the contract stands to enhance Tekmar’s revenue and market share in a highly competitive sector. It also positions the company to capture further opportunities, including the potential second phase of the current project and participation in future European wind developments.