SRT Marine Systems - Contract Guarantee Replacement Completed

SRT Marine Systems

09/06/2025 07:00

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
+ 44 (0) 1761 409500
Simon Tucker (CEO)
simon.tucker@srt-marine.com
Kevin Finn (Chairman)
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


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. 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

 
  END

 

 
MSCUPUPGQUPAPGR