REG - SRT Marine Systems - £40 million SRT-MDA System Project Award

SRT Marine SystemsAnnouncement

06/01/2022 07:00

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RNS Number : 5757X  SRT Marine Systems PLC  06 January 2022

SRT MARINE SYSTEMS PLC

(AIM: SRT)

("SRT" or the "Company")

 

£40 million SRT-MDA System Project Award

SRT Marine Systems plc ('SRT'), a global provider of next generation
integrated maritime domain and coastal surveillance and monitoring systems for
national coast guards and fishery authorities is pleased to announce that on
Wednesday 5(th) January 2022 it received formal written notice of award for a
new SRT-MDA™ System project with a national coast guard. The formal contract
signing is expected to be completed before the end of January.

The award is for the first of three phases of a project worth a gross total of
£40 million. The phases are scheduled to be implemented serially, one after
the other, over a total period of two years. This project is the first step in
a long-term strategic project by the customer to build a fully integrated next
generation national maritime surveillance system and therefore upon completion
of this initial project it is expected that there will be a series of
significant follow-on contracts with each adding new capabilities to the
system.

The project will require the delivery, installation, commissioning, and
support of a national scale SRT-MDA™ System. It will enable the national
authority to track, monitor and manage all maritime activity of any size and
type in their territorial waters and EEZ in real time from multiple command
centres across the country and provides a robust platform upon which
additional capabilities can be added in the future to realise their ultimate
objective. The system incorporates a range of sophisticated fully integrated
functionalities such as vessel information and identification, AI analytics
that automatically detect, alert and categorise suspicious and illegal
activities and a host of management functionality that will enable the
customer to significantly enhance the efficiency and effectiveness of their
operations and enhance maritime safety and security across their entire
maritime domain.

Simon Tucker, CEO of SRT Marine Systems, commented:

"This project marks the first of several substantial contracts in our £550m
validated sales pipeline (VSP) that had been delayed due to Covid and we have
been expecting to fall under contract once internal customer processes were
completed. This customer is a major national authority with a long-term
strategic program to build a next generation integrated in-country maritime
surveillance and management system. Our system has been selected due to its
sophistication and our unique ability to successfully deliver such complex
systems in challenging environments. We look forward to completing this
initial project and moving forward with the customer to build up their system
in the coming years."

 

 

The information communicated in this announcement is inside information for
the purposes of Article 7 of Regulation 596/2014.

 

 

 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 a global company which develops and provides
integrated maritime surveillance, monitoring, management and safety systems
used by coast guards, fishery authorities, infrastructure and vessel owners
for the purposes of managing and controlling their maritime domain.
Applications include security, safety, search & rescue, law enforcement,
fisheries management, illegal fishing detection and environment monitoring.

 

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