REG - SRT Marine Systems - $180m MDA System Contract Signed

SRT Marine SystemsAnnouncement

18/05/2023 07:00

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RNS Number : 7911Z  SRT Marine Systems PLC  18 May 2023

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW
BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR"), AND IS
DISCLOSED IN ACCORDANCE WITH THE COMPANY'S OBLIGATIONS UNDER ARTICLE 17 OF
MAR.

 

 

SRT MARINE SYSTEMS PLC

(AIM: SRT)

("SRT" or the "Company")

 

$180m MDA System Contract Signed

SRT Marine Systems plc ('SRT'), a global provider of maritime domain awareness
systems and technologies for security, safety and environmental protection is
pleased to advise that it has signed a US$180million contract to supply an
integrated maritime surveillance and intelligence system to a national Coast
Guard.

The signing took place at a confidential ceremony at the coast guard
headquarters on Wednesday 17(th) May 2023 attended by the full leadership of
the Coast Guard, local government officials and UK Embassy staff.

The project has an expected implementation period of approximately 2 years,
followed by a support and data services period of 8 years. The implementation
of the system accounts for approximately 85% of the value, with the remaining
15% related to support and data services.

The signing of the contract (which is in relation to the letter of intent that
the Company announced on 23 March 2023) was triggered by the completion of a
government-to-government project finance MoU agreement, which paves the way
for the completion of the project-specific inter-government UKEF supported
loan agreement for this contract, which the customer's government is using to
finance the project.

The contract will deliver a state of the art national scale implementation of
the SRT-MDA System integrated maritime surveillance, intelligence and command
& control system. The system will integrate multiple coastal, vessel,
drone and satellite sensor systems within a network of fully connected command
centres. Operators will benefit from our proprietary analytics and
visualisation technologies that enable enhanced vessel and event detection and
characterisation across the customer's entire marine domain and thus a high
level of maritime domain situational awareness.

Simon Tucker, CEO of SRT Marine Systems, commented:

"The SRT-MDA System will enable our customer with exceptional, fully
autonomous strategic and tactical maritime surveillance and intelligence that
places it amongst the leaders globally in this capability area. We expect them
to reap numerous benefits that include environment protection, improved
safety, security and prevention of illegal fishing, all achieved with a high
level of efficiency and effectiveness resulting from the system. We look
forward to a long relationship with our expectation of this being just the
first of many contracts in the years and decades to come."

 For further information, please contact:
 SRT Marine Systems plc                                      www.srt-marine.com (http://www.srt-marine.com)

                                                             + 44 (0) 1761 409500
 Simon Tucker (CEO)                                          simon.tucker@srt-marine.com (mailto:simon.tucker@srt-marine.com)
 Louise Coates (Marketing Manager)                           louise.coates@srt-marine.com (mailto:louise.coates@srt-marine.com)

 finnCap Ltd (NOMAD & Broker)
 Jonny Franklin-Adams / Teddy Whiley (Corporate Finance)     +44 (0) 20 7220 0500
 Tim Redfern / Charlotte Sutcliffe (ECM)
 Yellow Jersey PR
 Charles Goodwin / Annabelle Wills                           +44 (0)774 7788 221

                                                             srt@yellowjerseypr.com (mailto:srt@yellowjerseypr.com)

About SRT Marine Systems plc:

SRT Marine Systems PLC is an established leader in the growing global market
for maritime domain awareness. We provide advanced technologies, products and
systems, that integrate multiple proprietary technologies such as advanced
analytics, data fusion, augmented visualisation, that enhance maritime safety,
security and environmental protection and sustainability. Our customers range
from governments to vessel owners around the world.

 

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