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(Sharecast News) - Offshore energy services provider Tekmar Group announced a strategic partnership with NMDC Infra on Monday as the firm looks to broaden its concrete protection offering and expand its presence in the Middle East.
Tekmar said it had signed a non-binding memorandum of understanding with NMDC Infra that establishes a framework for the two companies to collaborate on concrete protection opportunities, including projects requiring concrete mattresses, concrete sleepers and related infrastructure solutions.
The AIM-listed group said the agreement supports its ongoing Project Aurora strategy, which was focused on widening its addressable market and increasing the range of protection products available to customers across offshore energy developments. However, Tekmar noted that the memorandum did not include any firm contract awards.
Chief executive Richard Turner said: "Establishing this framework strengthens our relationship with NMDC Infra, providing the basis on which we can collaborate to pursue future opportunities across the region. The Middle East remains a core market for Tekmar, with long-term projects of national and international importance, offering material opportunities for ongoing growth, alongside other established markets. Key to unlocking those opportunities and expanding our presence in the region is the development of long-term and trusted relationships, which this framework helps to support."
As of 1120 GMT, Tekmar shares were up 7.08% at 12.85p.
Reporting by Iain Gilbert at Sharecast.com
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