Tekmar Group plc (LON:TGP), the leading provider of technology and services for the global offshore energy markets, has announced it has reached a commercial settlement with a customer (the “Customer”) relating to one of the ongoing legacy defect notifications as covered in the FY24 Annual Report. This relates to the industry-wide issue regarding abrasion of legacy cable protection systems installed at offshore windfarms.
Tekmar has agreed settlement terms with the Customer with no admission of liability and no conclusion of defect with the Company’s product. The balance of the settlement agreement is fully covered by the insurance monies already received by the Company with nil cash impact on the Company. The settlement does not impact the Company’s ongoing commercial relationships in the industry. Commercial discussions are ongoing regarding resolution of the remaining disputes related to the legacy defect notifications as detailed in the FY24 Annual Report.
Richard Turner, CEO of Tekmar Group, commented: “This is significant progress in our efforts to draw a line under historical industry wide issues whilst maintaining positive and collaborative relationships with key stakeholders. We are pleased to conclude this agreement, which is entirely covered by an insurance settlement, and expect to make further progress on other legacy matters throughout the course of 2025 whilst we continue to focus on growing our orderbook and delivering projects on behalf of our customers.”
