By Adria Calatayud

 

Shares in Tekmar Group PLC fell Tuesday after the company said that it is in discussions with Orsted AS to identify the cause and remedies for wind-farm cable issues flagged last week by the Danish renewable-energy developer.

Tekmar, a London-listed provider of technology and services for the global offshore energy markets, said it doesn't anticipate a material financial impact in relation to its discussions with Orsted. Tekmar said the discussions relate to Orsted's installed array cables on the Race Bank offshore wind-farm project in the U.K., with the main issue being the abrasion of cable-protection systems.

"The installation and maintenance of cables and cable protection systems in challenging subsea environments is complex and failure can be the result of many factors, including areas we are not involved in such as installation and scour protection," Tekmar Chief Executive Ally MacDonald said.

Shares in Tekmar at 0758 GMT were down 10% at 53 pence.

 

Write to Adria Calatayud at adria.calatayud@dowjones.com

 

(END) Dow Jones Newswires

May 04, 2021 04:17 ET (08:17 GMT)

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