Offshore engineering firm Tekmar has announced a "significant" contract worth more than £5m.
The North East operator says the order, which is expected to commence this year and complete in 2024, will see its flagship Generation 10 cable protection systems produced at its Newton Aycliffe facility. Investors were told Tekmar's in-house subsea analysis capabilities will be used to support the project.
The announcement is the first since Tekmar secured investment from US-based private equity firm SCF Partners in April, following a period in which it had sought a buyer as part of a strategic review intended to turn around losses. The group said the £22m injection, which includes direct investment from SCF and its partner Steve Lockard as well a £18m in convertible loan note, will predominantly be used to support growth, which could include acquisitions, with a smaller amount of around £5m put towards working capital.
