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(Sharecast News) - Asset protection technology and offshore energy services provider Tekmar said on Wednesday that it has secured a "significant new contract award" worth more than $10m with an international engineering procurement and construction contractor.
Tekmar said the contract was for the design and manufacture of its polyurethane cable protection system, TekDuct, along with engineered ballast modules, for a major offshore energy project in the United Arab Emirates.
The AIM-listed firm stated that work on the contract will commence immediately, with final delivery scheduled for Q126.
Chief executive Richard Turner said: "We are delighted to partner again with this major customer on a significant energy project. This award reflects our strong presence and track record in the Middle East and underpins our position as a market leader in supporting customers with high-quality engineered asset protection technology.
"This contract is also an important marker as we translate our healthy pipeline to good quality orders and build the platform for sustained growth for 2026 and beyond."
As of 1000 BST, Tekmar shares had surged 14.13% to 5.25p.
Reporting by Iain Gilbert at Sharecast.com
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