Tekmar Group plc

("Tekmar", the "Company" or the "Group")

Resolution of Legacy Defect Notifications

Tekmar Group plc (AIM: TGP), a leading provider of asset protection technology and offshore energy services globally, announces that it has reached a commercial settlement with one of its customers (the "Customer") in relation to a number of legacy defect notifications, as referenced in the Company's FY24 Annual Report.

The settlements relate 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 fully covered by insurance proceeds already received by Tekmar and will therefore have no cash impact. The agreement draws a line under all known defect claims with the Customer and does not affect Tekmar's ongoing commercial relationships with the Customer or, in Tekmar's view, the wider industry.

With matters fully concluded with this Customer, and the announcement by Tekmar on 20 March 2025 relating to a commercial settlement concluded with a different customer, commercial discussions remain ongoing regarding the resolution of the remaining notifications related to legacy matters as set out in the FY24 Annual Report.

Richard Turner, CEO of Tekmar Group, commented:

"Resolving these legacy matters is an important step as we continue to move forward from historic industry-wide challenges. We are pleased to have reached this agreement, fully supported by insurance proceeds, and to maintain a strong and positive relationship with a leading offshore wind developer. Our focus remains firmly on developing market leading products, growing our orderbook and delivering value for customers across the global offshore energy market." 

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About Tekmar Group plc

Tekmar Group plc collaborates with its partners to deliver robust and sustainable engineering led solutions that enable the world's energy transition.

Through our Offshore Energy and Marine Civils Divisions we provide a range of engineering services and technologies to support and protect offshore wind farms and other offshore energy assets and marine infrastructure. With near 40 years of experience, we optimise and de-risk projects, solve customer's engineering challenges, improve safety and lower project costs. Our capabilities include geotechnical design and analysis, simulation and engineering analysis, bespoke equipment design and build, subsea protection technology and subsea stability technology. 

We have a clear strategy focused on strengthening Tekmar's value proposition as an engineering solutions-led business which offers integrated and differentiated technology, services and products to our global customer base.

Headquartered in Newton Aycliffe, UK, Tekmar Group has an extensive global reach with offices, manufacturing facilities, strategic supply partnerships and representation in 18 locations across Europe, Africa, the Middle East, Asia Pacific and North America.

For more information visit: www.tekmargroup.com

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