Tekmar Group PLC on Friday said it has sold Subsea Innovation Ltd for £1.9 million.
The Darlington, England-based company is a technology and services provider for global offshore energy markets. Its shares were up 3.2% to 9.55 pence each in London on Friday afternoon.
It said it has sold Subsea Innovation to Unique Group through its subsidiary, Unique System (UK) Ltd.
‘SIL provides engineering consultancy and subsea products to the energy industry, particularly the oil and gas sector. 38 employees will transfer with SIL to the Purchaser,’ Tekmar explained.
Innovation House, the premises in Darlington currently occupied by SIL, are being retained by the company, Tekmar noted. The property is valued at £2.8 million, as at September 30.
Tekmar said that the proceeds will help support its ‘disciplined investment programme to drive near-term growth and for general working capital purposes.’
Chief Executive Alasdair MacDonald commented: ‘The disposal of SIL reflects our strategic focus on strengthening Tekmar’s performance and financial position through efficient resource allocation and portfolio management. SIL has an established reputation in the energy industry and we are particularly pleased for SIL’s employees and customers that they can look forward to realising its full potential under the ownership of Unique.’
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