REG - SRT Marine Systems - Phase 2 System Contract Notice to Proceed Received

SRT Marine SystemsAnnouncement

06/01/2025 07:00

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RNS Number : 1299S  SRT Marine Systems PLC  06 January 2025

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")

 

Phase 2 - System Contract Notice to Proceed Received

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 formal notice to proceed (NTP) for the
second phase (Phase 2) of a significant, long-term project to build up a
national integrated maritime MDA system for a national coast guard. This
second phase of the project is worth a total of approximately $15m. Final
documentation formalities are expected to be concluded prior to the end of
January, with immediate commencement thereafter. Implementation is scheduled
to complete within 12 months, following which the next phase (Phase 3) is
expected to commence.

Simon Tucker, CEO of SRT Marine Systems, commented:

"This is another example of the long-term sovereign partnerships that SRT is
forging. We look forward to working with this important customer to further
expand their MDA system capabilities, which support and enable the
implementation of a modern maritime safety, security and sustainability
regulation program in the interests of all stakeholders.

Common to all our customers is a long-term strategy to transform themselves
into a digitised, intelligence lead operation. This requires the buildup of a
new generation of integrated maritime surveillance, intelligence and command
& control system and capabilities. Such system implementation programs are
characterised by a long-term succession of individual implementation and
expansion projects or phases of various sizes and types. Each expansion
project builds on and integrates with the previous, creating a single
integrated system that is enabled by a common GeoVS operating platform.

Coupled with supporting data supply, support and maintenance contracts keep
the systems in optimal operating condition. Each implementation project or
phase typically takes between one to two years to complete and accounts for
the majority of the value. The longer-term support & maintenance contracts
can vary from one year to ten years, with an expected annual adjustment that
reflects the size and complexity of the underlying system that grows with size
and complexity.

We are building long-term enduring customer partnerships and now have multiple
sovereign nation customers who have embarked on their MDA digitisation
roadmap, with a forward contract order book worth £320m to implement. More is
expected to come from both existing and new customers as reflected in our
validated sales pipeline, which has over £1.2bn of identified new contract
prospects."

 

 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 / Ondraya Swanson (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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