Taiwan Double for Tekmar
- Business & Finance
Tekmar has secured two contracts within Taiwan for the supply of its cable protection system product, TekLink and associated accessories.
The combined value, which is for execution and revenue recognition primarily in the current financial year ending 31 March 2020, is worth circa £4 million.
James Ritchie, CEO of Tekmar Group, said: “These recent awards come in addition to our earlier success in the Taiwan market with the Formosa Phase 1 and Phase 2 projects, which are currently being installed. As we have highlighted, the Asia-Pacific offshore market is strategically important to Tekmar and Taiwan has high ambitions for offshore wind, targeting around 9GW of power by 2030. It’s worth noting that in 2018 Taiwan had no installed bases.”
The contracts are in line with existing management expectations and the Group has not altered its guidance for FY20.