REG - SRT Marine Systems - $4.6m Follow-on system support contracts signed

SRT Marine SystemsAnnouncement

02/09/2024 07:00

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RNS Number : 4177C  SRT Marine Systems PLC  02 September 2024

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")

 

$4.6m Follow-on system support contracts 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 entered two follow-on contracts with two
existing sovereign agency customers in Asia worth a total of US$4.6m over the
next 12 months (the "Contracts").

The Contracts cover a 12 month period and provide for the maintenance and
support of their current SRT-MDA systems. They include the provision of
various support, data and maintenance services, with one of the contracts
including some existing functionality refinements.

Both customers are situated in large countries with extensive and complex
maritime domains and are both at the beginning of their journey to digitise
maritime surveillance, monitoring and management. Both have implemented the
first phases of their strategic plan to build up their sovereign maritime
surveillance and monitoring capabilities with an initial SRT-MDA System
implementation and we anticipate further implementation contracts in the
future as they enhance and scale their SRT-MDA systems; for which discussions
are in progress.

Simon Tucker, CEO of SRT Marine Systems, commented:

"Almost every SRT-MDA System customer we have is at the beginning of a journey
to build up and operate national scale capability which we expect to take
decades and involve a succession of multiple system expansion and
functionality enhancement contracts. The systems we implement are mission
critical for the customer, and whilst they are fully autonomous in country
systems that are owned, operated and controlled by the customer, we expect
each of them to have commensurate support and data supply contracts, which
themselves will scale in line with the size of the systems implemented."

 

 

 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)
 Kevin Finn (Chairman)                                       Kevin.finn@srt-marine.com
 Cavendish Capital Markets Limited (NOMAD & Broker)
 Jonny Franklin-Adams / Teddy Whiley (Corporate Finance)     +44 (0) 20 7220 0500
 Tim Redfern / Harriet Ward (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 technology driven solutions for
coastal and EEZ surveillance, fisheries management and monitoring and
navigation safety and efficiency. Our customers range from government agencies
such as Coast Guards, Fishery Authorities and Ports & Waterway authorities
to commercial and leisure vessel owners.

 

 

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