(Alliance News) - Tekmar Group PLC on Tuesday said its subsidiaries Pipeshield International Ltd and Subsea Innovation Ltd have been awarded multiple significant contracts.

Tekmar shares rose 34% trading at 17.80 pence per share on Tuesday morning in London.

The Darlington, England-based technology and services provider for offshore energy markets said Pipeshield had won a number of contracts from an offshore engineering, procurement, and construction contractor to offer pipeline support and protection materials for subsea construction projects in the Middle East.

The company said the projects, which are expected to be delivered in the first half of 2023, are worth a combined GBP8 million.

The products will be manufactured at the company's regional supply bases in Damman, Saudi Arabia and Doha, Qatar.

Pipeshield Managing Director Steven Howlett said: "The contracts help consolidate our position in the Middle East and create a basis for further regional expansion supporting our growth strategy.

"I congratulate the team on securing these projects, a testament to our subsea engineering and project management expertise, as well as our local manufacturing and supply chain capability."

Subsea Innovation won a significant contract to design and construct a bespoke turnkey launch and recovery system. Tekmar said this "builds on Subsea Innovation's extensive experience in the production of LARs systems," with the contract including the building of the A-frame, winch with interchangeable drum sets, hydraulic power unit and transport frame.

Tekmar said the contract is worth around GBP2 million, and is expected to be completed by December.

Subsea Innovation Managing Director Dave Thompson said: "This contract award further strengthens our position as a leader in the sector and supports the continued growth of our business. We are excited to work on this project and deliver exceptional results for our client."

By Harvey Dorset, Alliance News reporter

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