Tekmar, technology provider of protection systems for subsea cables, umbilicals and flexible pipes and offshore engineering services, has said it intends to seek admission of its shares to trading on the AIM market of the London Stock Exchange, expected to take place in June 2018.
The Group operates two primary divisions: the Offshore Wind Farm division which focuses on the provision of subsea protection for power transmission cables from and between offshore wind turbines, and the Subsea division which focuses primarily on the provision of subsea protection for umbilicals and flexible pipes to the oil and gas market.
Both divisions are supported by AgileTek which provides subsea analysis, simulation and engineering consultancy services.
The company said it aims to grow its business by increasing its market share in the subsea oil and gas market; adding new product variations to meet the needs of existing and future clients; and making selective acquisitions.
James Ritchie, chief executive officer of Tekmar, said:
“We are delighted to announce our intention to float. Our plans to join the AIM market follow a period of consistent, strong organic growth supported by the Group’s current owners, Elysian Capital.
“Tekmar is already the undisputed leader in offshore wind cable protection systems and it is our objective to become the partner of choice for the supply of subsea protection equipment to the global offshore energy markets. Admission to AIM will enhance our profile and brand recognition further in our sectors and allow us to execute our strategy to grow in both existing and new markets and geographies.”