North East offshore company Tekmar has put itself up for sale, saying it does not have cash available to turn around a loss-making position.
The Darlington-based firm had been bullish about its prospects earlier this year when it raised £4m from a successful share placing. Last month it celebrated a “significant” contract in the US to provide its cable protection systems to an offshore wind farm.
Tekmar’s position as a key supplier to firms in the offshore energy industry had raised hopes that it would see substantial growth in the coming years.
