US$9 million new MDA system contract award

SRT Marine Systems PLC

19 November 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$9 million new MDA system contract award

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 notice of award for a contract worth US$9m from a Middle East sovereign Coast Guard. The contract is expected to be signed and commence during December.

The contract is from an existing long standing SRT customer who is now undertaking an upgrade to their system to integrate more sensor systems and related new functionalities. The upgrade will integrate multiple command centres and ministries enabling them to integrate all maritime data within a single secure platform that is fully owned, controlled and operated by the customer in country and thus share a common national operating picture and digitally co-ordinate operations.   

Simon Tucker, CEO of SRT Marine Systems, commented:

"This is a typical example of the long-term partnership SRT builds with customers and how the build-up of customer MDA system capabilities and capacity is a long-term multi-contract program. We look forward to delivering enhanced capability to their existing SRT system and working with them to fully operationalise them."

For further information, please contact:
SRT Marine Systems plc		www.srt-marine.com  + 44 (0) 1761 409500
Simon Tucker (CEO)		[e-mail]
Kevin Finn (Chairman)		[e-mail]
Cavendish Capital Markets Limited (NOMAD & Broker)
Jonny Franklin-Adams / Teddy Whiley / Finn Gordon (Corporate Finance)		[phone]
Tim Redfern / Ondraya Swanson (Corporate Broking)
Yellow Jersey PR
Charles Goodwin / Annabelle Wills		[phone] [e-mail]

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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