REG - SRT Marine Systems - Coast Guard Project Update

SRT Marine SystemsAnnouncement

03/05/2023 07:00

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RNS Number : 1800Y  SRT Marine Systems PLC  03 May 2023

 

 

SRT MARINE SYSTEMS PLC

(AIM: SRT)

("SRT" or the "Company")

 

Coast Guard Project Update

SRT Marine Systems plc ('SRT'), a global provider of maritime domain awareness
systems and technologies for surveillance, security, safety and environmental
protection is pleased to advise the completion and sign-off of Phase 1 of a
substantial national coast guard maritime surveillance system contract
announced in January 2022, to deliver an SRT-MDA System.

The first phase of the project was completed in March 2023, and following
extensive testing was formally signed off as complete this week, along with
final revenue milestones and their invoices. The contract now moves on to the
next two phases, worth a total of £24 million (inc taxes), which we expect to
start in the summer upon completion of the required customer internal project
planning and administration processes. Both phases are expected to be
implemented in parallel over approximately one year.

This part of the system is now fully operational and in daily use by the
customer. The SRT-MDA System's advanced Dynamic-Ai enables it to automatically
detect and alert the Coast Guard to illegal maritime activities such as
smuggling, unlicensed fishing, maritime border incursions, and potential
threats to critical infrastructure such as undersea pipelines. This
information enables the customer to operate based upon high quality marine
intelligence, thus improving the efficiency and effectiveness of operations.

The project, worth a total of £40 million, announced in January 2022, is for
the delivery of the first stage of a planned national maritime surveillance
system which will be built up in a series of contracts over several years.

Simon Tucker, CEO of SRT Marine Systems, commented:

"This significant national Coast Guard customer has a very ambitious long-term
plan to build up a sophisticated integrated maritime surveillance system. This
will be achieved through a series of multiple contracts spanning many years.
Such projects of national scale are highly challenging and complex, and the
successful completion of this first phase to such a demanding customer is a
testament to the SRT-MDA System product and the capabilities of our teams. We
now move on to deliver the next phases of this important project."

 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
 Louise Coates (Marketing Manager)                           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)

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 enhance maritime safety, security and environmental protection
and sustainability. Our customers range from governments to vessel owners
around the world.

 

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