REG - SRT Marine Systems - Contract Guarantee Replacement Completed

SRT Marine SystemsAnnouncement

09/06/2025 07:00

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RNS Number : 9706L  SRT Marine Systems PLC  09 June 2025

 

SRT MARINE SYSTEMS PLC

(AIM: SRT)

("SRT" or the "Company")

 

CONTRACT GUARANTEE REPLACEMENT COMPLETED

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 replaced the contract guarantee provided by
Ocean Infinity in October 2024 with one provided by its corporate bankers,
Barclays supported by UK Export Finance ("UKEF").

In October 2024, as part of a broader financing package, Ocean Infinity
provided a $21.4m guarantee to provide an immediate contract guarantee for a
new $213m contract in the Middle East. A condition of the guarantee was that
if it was not replaced within 8 months (end of June 2025) 4.0 million warrants
would be issued each month to Ocean Infinity. The replacement of the Ocean
Infinity provided guarantee means that this financing is now fully settled,
and no further warrants will be issued.

Richard Hurd, CFO of SRT Marine Systems, commented:

"I am delighted to complete this guarantee replacement which has been enabled
by a combination of our improving balance sheet and the support of our bankers
and UKEF."

 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 (mailto:Kevin.finn@srt-marine.com)
 Cavendish Capital Markets Limited (NOMAD & Broker)
 Jonny Franklin-Adams / Teddy Whiley / Finn Gordon (Corporate Finance)     +44 (0) 20 7220 0500
 Tim Redfern  (Corporate Broking)
 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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