County Durham’s Tekmar Group eyes global energy markets with Darlington acquisition
County Durham engineering firm Tekmar Group plc has completed its acquisition of Darlington-based Subsea Innovation.
The deal, Tekmar’s first since joining the London Stock Exchange’s AIM sub-market in June, will see the group place an accelerated focus on new product development.
Subsea Innovation designs, develops and manufactures back deck equipment, including launch and recovery systems for remotely operated vehicles and emergency subsea pipeline repair clamps.
Its offering has widened Tekmar’s services to include a suite of products that help protect fixed pipelines.
Tekmar Group plc CEO James Ritchie said: “When we floated on AIM we promised investors a dynamic business with a clear plan for the future.
“The Subsea Innovation acquisition is just one part of our growth plan. We are a very entrepreneurial business, and, in addition to our mergers and acquisitions activity, we have strong ambitions for continued organic growth.”
He added: “The addition of Subsea Innovation will enable the group to make further inroads into the global energy markets, which hold exciting prospects for the business.”
Subsea Innovation Ltd MD Dave Thompson commented: “Subsea Innovation successfully design and build some of the largest structural pipeline repair clamps in the world.
“The clamps provide contingency repair cover for pipelines up to 44”, to reinstate the mechanical integrity of any damaged or weakened section.”
He continued: “This is extremely important to maintain HSE standards and keeping production shutdown time to a minimum. With Tekmar we will be proud to support our customers to remain the best in the world as we develop a range of new products in this area.”
Commercial law firm Square One Law advised Tekmar on the deal.
Square One’s head of energy, corporate partner Marie-Louise Bozonet, said: “The North East has a strong pedigree in the subsea industry and a legacy that is being built upon by dynamic and entrepreneurial companies like Tekmar.
“The company’s strategy and ambition is delivering a pipeline of opportunities that will enable it to carve out a growing position in global energy markets and continue to fly the flag for this region’s technology-led supply chain around the world.”