Tekmar targets infrastructure security as offshore wind protection leader scales operations

Richard Turner, chief executive of Tekmar, has outlined an ambitious strategy to leverage the company’s dominant position in offshore wind cable protection to capture emerging opportunities in critical energy infrastructure security. Two years into his tenure, Turner is driving a corporate turnaround that seeks to transform the firm from a pure-play wind specialist into a broader asset protection and services provider. The company, which currently holds a market capitalisation of approximately £20 million, is positioned to benefit from a growing global recognition of vulnerabilities in undersea energy networks, a shift Turner describes as a significant political and industrial awakening.

Tekmar is widely recognised for protecting two-thirds of the world’s offshore wind farms, a market position that has historically attracted investors seeking pure-play exposure to the renewable sector. However, Turner noted that investor sentiment has evolved, with stakeholders now favouring the company’s diversified mix of end markets. This diversification is a strategic response to the fact that 4 million miles of pipes and cables lie on the ocean floor, typically buried at the minimum depth required to reduce costs, leaving them vulnerable. Turner believes this creates a vast potential for new protective systems, particularly as governments and operators rethink security around critical energy infrastructure.

A key component of this strategy is the expansion of Tekmar’s services beyond installation into operations and maintenance, aiming to secure recurring revenue streams. The company is developing an artificial boulder system to protect cables from anchor strikes and is exploring digital monitoring solutions using fibre optics for early warning systems. Turner highlighted that the majority of existing pipes are poorly protected or unprotected, presenting a significant opportunity for predictive technology powered by artificial intelligence and machine learning. Such systems could be packaged and sold as a service, creating a substantial new revenue stream for the business.

The operational transformation, branded as Project Aurora and launched 18 months ago, has involved remodelling the business structure, integrating required operations, and rebranding to create a more coherent entity spanning asset protection technology and offshore energy services. While offshore energy services currently account for around 10% of the business, Turner aims to increase this share to 25% within three years. Geographically, the company has expanded beyond its traditional European base to include operations in Asia Pacific and the Middle East, with plans to enter the Americas. Recent order intake has broken company records, with first-half orders reaching £29.5 million, a significant increase from £10 million in the same period of 2025.

Manufacturing capacity at the company’s main facility in Newton Aycliffe, County Durham, has historically run at low utilisation, averaging 30% over the past three years. Turner attributed this to market conditions and previous organisational inefficiencies. However, significant new orders have raised current utilisation to approximately 50%. The company is targeting 80% or higher utilisation well before 2030. Turner noted that with substantial spare capacity and no need for significant new capital investment, Tekmar expects to see substantial margin improvements as volume increases, with profitability potentially growing four to five times faster than revenue.

The Middle East has become a critical market, with local manufacturing capacity providing bidding advantages. Recent results indicate that work in the region has scaled to 64% of revenue, up from 24% in 2025. Despite this shift, Tekmar remains bullish on the European offshore wind market, particularly in the UK and Poland, which are expected to form the bedrock of its wind business over the next five to six years. Positive indicators include the extension of Contracts for Difference in Britain and inflation indexing in Poland. Turner expressed scepticism regarding floating wind technology in the near term, citing a lack of cost reductions compared to fixed-bottom solutions. He expects fixed-bottom projects to remain the dominant form of offshore wind development until at least 2035, with hybrid farms representing a relevant but secondary market for the company’s technology.