REG - SRT Marine Systems - US$213 million new MDA system contract award

SRT Marine SystemsAnnouncement

07/10/2024 07:00

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RNS Number : 0808H  SRT Marine Systems PLC  07 October 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")

 

US$213 million new MDA system contract award

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 a formal contract award notification
from a sovereign government Ministry for a contract worth US$213 million to
deliver an integrated SRT maritime surveillance system. The award is subject
only to completion of the formal contract and associated performance bond
which are now underway and expected to be completed prior to the end of next
month, with implementation commencing immediately thereafter.

The contract is for SRT to provide their national coast guard with a new
state-of-the-art national maritime surveillance system that integrates
numerous multi-sensor surveillance platforms, both fixed and mobile, along
with several integrated command centres located across the country. The
contract includes the turn-key delivery of the system within 2 years, followed
by a 10 year support and maintenance package.

Simon Tucker, CEO of SRT Marine Systems, commented:

"This is a large and hugely exciting new project with a new customer in a new
country, and the second contract of this scale to convert from our validated
sales pipeline in the last 18 months. This new SRT system will equip the
customer with significant maritime surveillance and intelligence capabilities
which will assist in ensuring the safety, security and sustainability of their
marine domain. We are honoured to have this prestigious new customer and look
forward to implementing and operationalising the system over the next 2 years,
as well as further projects as this ambitious customer grows their
capabilities in 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 (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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