Business
Acquisition of Ryder Geotechnical Limited
Acquisition of Ryder Geotechnical Limited.
About this update from Tekmar Group Plc
[{"type":"text","content":"\n \nRNS Number : 2467U Tekmar Group PLC 28 March 2019 \n\nThe information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.\n \n28 March 2019\nTekmar Group plc\n(\"Tekmar\", the \"Group\" or the \"Company\")\n \nAcquisition of Ryder Geotechnical Limited\n \nTekmar Group plc, a market-leading technology provider of subsea protection systems is pleased to announce that its wholly owned subsidiary, AgileTek Engineering Limited (\"AgileTek Engineering\"), has completed the acquisition of 80 per cent. of the total share capital of Ryder Geotechnical Limited (\"Ryder Geotechnical\") from sellers Nigel Jeremy Martin and Fraser Gibson for a nominal consideration of £2, together with the grant of an option to acquire the remaining 20 per cent.\n \nBackground\n \nRyder Geotechnical, founded by Fraser Gibson in 2016, provides expert geotechnical design and consulting services to the offshore wind and subsea oil and gas sectors.\n \nOffshore geotechnical engineering is a specialist branch of civil engineering, focused on the assessment of seabed properties and the design of subsea infrastructure to ensure the stability of offshore assets. Ryder Geotechnical's activities include structure foundation design, geohazard assessment and subsea cable routing and burial assessment. These services, provided to project developers in both the offshore wind and subsea oil and gas sectors, are critical at the preliminary design stages of a project and are employed throughout the lifecycle of those assets to ensure they are safe and functional.\nAdding geotechnical engineering capability to the Group's portfolio will provide earlier access to offshore projects, greatly increasing visibility on opportunities in these markets and creating the opportunity for the Group to increase revenue per project across its lifecycle. Ryder Geotechnical is expected to benefit from Tekmar Group's trusted name in the global energy market, which will open up new sales opportunities for the business.\n \nWhilst operating as a stand-alone business, Ryder Geotechnical will work with AgileTek Engineering to provide combined sco...