TI unveiled £8m worth of new marine contracts last week and said trading was in line with expectations, but its upbeat report failed to light a fuse under its share price.
The new contract is an agreement to fit five ships owned by Global Marine Systems with cable-laying equipment. Analysts noted the new work but said the trading update contained little in the way of surprises.
TI’s shares finished the week at 435.5p, down 4.5p on the day and 9p lower than before its trading statement. The shares are 200p adrift of their 12-month high.
A TI spokesman said the company is optimistic about prospects and believes it will reap the benefits from a recent buying spree, having spent £500m on acquisitions over the past two years.
TI has also been seen as a potential bidder for Senior, but last week would only say it was studying the situation with interest.