REG - SRT Marine Systems - New Follow-on System Contract

SRT Marine SystemsAnnouncement

21/06/2023 07:00

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RNS Number : 3461D  SRT Marine Systems PLC  21 June 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")

 

New Follow-on System Contract

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 received notification from an existing Coast
Guard customer that it is proceeding with the next phase of its maritime
surveillance system capability build-up strategy and will be awarding SRT a
new contract.

Contract processing formalities are now in progress and expected to be
completed within the next few months. The initial system upgrade
implementation is expected to be delivered within 12 months of the formal
contract signing with an expected value in the region of $10m. Thereafter we
expect a series of further purchase contracts for customised transceivers
which we believe could result in a further $10m of revenues.

The customer is a national Coast Guard facing an increasingly complex range of
maritime security and safety challenges. The customer has an existing SRT
supplied vessel tracking and identification system (commissioned in 2016)
which has helped to transform maritime safety and security. The next phase now
being contracted will integrate a new generation of multiple sensor types
within a single operating platform and deliver a significant uplift in their
maritime intelligence across both their territorial and EEZ waters, enabling
intelligence lead operations which are more effective and efficient.

 Simon Tucker, CEO of SRT Marine Systems, commented:

"The accumulated investment of many years is now being reflected in the
accelerating pace at which our new contract opportunity pipeline is growing
and then transitioning into contract.  Over the last year, our pipeline of
new system contract opportunities, has grown to an approximate value of
£1.4bn, of which £380m are at a mature stage in the sales cycle with
increasing surety of timing. I am delighted to receive notification of another
new contract sooner than expected from this long-standing customer, which will
likely result in additional revenues for SRT in the current financial year.
 I expect to continue to see further conversions from our pipeline, along
with more additions to the pipeline into the future."

 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)

 Yellow Jersey PR (Investor Relations)
 Charles Goodwin                                             charles@yellowjerseypr.com (mailto:charles@yellowjerseypr.com)

                                                             +44 (0)7747 788 221

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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