Tekmar Group settles legacy defect claim with customer

Tekmar Group plc, a company specializing in asset protection technology and offshore energy services, has reached a settlement with a customer over legacy defect notifications concerning cable protection systems used in offshore wind farms, the company announced in a press release. The resolution addresses an industry-wide abrasion issue impacting these systems.

Tekmar agreed to settlement terms without admitting liability or assigning fault for the defect. The financial implications are covered by amounts already set aside in the company's fiscal year 2025 annual report, and will not impact performance in fiscal year 2026. The settlement will be paid in cash, primarily using insurance proceeds that Tekmar has already received.

This news was previously mentioned in the company's FY25 annual report. Tekmar's CEO, Richard Turner, appointed in September 2024, emphasized that the settlement signifies a significant step towards resolving all known major defect notifications related to the abrasion of legacy cable protection systems installed at offshore wind farms.

Turner added that the company maintains its relationship with the customer and continues to support them on offshore wind projects.