Tekmar Group Shares Fall Amid Wind-Farm Cable Issues
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
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
"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 email@example.com
(END) Dow Jones Newswires
May 04, 2021 04:17 ET (08:17 GMT)
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