Newton Aycliffe-based Tekmar Group plc said it has reached a settlement with a customer in connection with “outstanding legacy defect notifications, as referenced in the company’s FY25 Annual Report.”

Tekmar Group is  a provider of asset protection technology and offshore energy services.

“The settlement relates to the industry-wide issue of abrasion affecting legacy cable protection systems installed at offshore wind farms,” said Tekmar.

“Tekmar has agreed settlement terms with the Customer with no admission of liability and no conclusion of defect with the Company’s products.

“The financial impact of the settlement is within the amounts provided for in the Company’s FY25 Annual Report and, therefore, will have no detrimental impact on the Group’s financial performance in FY26.

“The settlement is payable in cash shortly and will be funded primarily from insurance proceeds already received by Tekmar.”

Tekmar Group CEO Richard Turner said: “When I was appointed as CEO in September 2024, the industry, including Tekmar, faced a degree of uncertainty in connection with issues arising on previously installed cable protection systems.

“Resolving these legacy matters is positive for Tekmar’s future and builds on the significant progress that has already been made in this area.

“This settlement is a major step towards drawing a line under all known significant defect notifications relating to abrasion of legacy cable protection systems installed at offshore windfarms.

“This and other settlements have been achieved while retaining robust relationships with these customers who we continue to support on Offshore Wind projects.”