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Tekmar Group targeting energy sector growth with £22 million investment

A marine engineer says it has laid a platform to “build a global, leading offshore wind services company” thanks to £22 million backing.

Tekmar Group has finalised an investment agreement with SCF Partners.

And bosses at the Darlington-based business say the partnership – which includes an £18 million convertible loan note facility – leaves it well placed to expand through new contract wins and company acquisitions.

The announcement comes after the firm, known for work on global offshore energy schemes, undertook a “strategic review process” into its future.

Alasdair MacDonald, chief executive, said: “We are delighted to have completed the strategic investment by SCF.

“It is a highly complementary partner and shares our ambition to build a global, leading offshore wind services company, leveraging our existing market leading and trusted position in the industry.

“The funding we have secured significantly strengthens the company’s balance sheet, providing working capital to support growth alongside significant ongoing capital to drive transformational growth both organically and through targeted acquisitions.

“We are confident we will deliver on the significant opportunity ahead in our core markets to further strengthen our industry position.”

The business includes Tekmar Energy, which makes subsea cable, umbilical and flexible pipe protection systems, and launch and recovery robotic systems firm Subsea Innovation.

It also includes Pipeshield International, which oversees work on subsea pipeline defence mattresses; Ryder Geotechnical, which provides offshore sector design and consulting services; and consultancy AgileTek Engineering.