North East offshore engineering firm Tekmar has further extended an exclusivity period with a potential investor it has been negotiating with as part of a rescue process.
The Darlington firm announced last November it was in talks with a company described as “a global institutional investor in the energy sector”. It is hoped the potential bidder would offer investment, after Tekmar essentially put itself up for sale in July as it did not have enough cash to turn around a loss making position.
An exclusivity period with its preferred partner was extended in January and now it has been pushed back again, this time until the end of March to allow the potential bidder to finalise its proposal.
