Project Update

RNS Number : 3838S

SRT Marine Systems PLC

11 March 2019

 

SRT MARINE SYSTEMS PLC

(AIM: SRT)

("SRT" or the "Company")

Project Update

The Company is pleased to provide an update on the £31.0 million fisheries monitoring (VMS) system contract entered into in December 2018 with the fisheries department of The Philippine government (BFAR).

Delivery of the system commenced immediately upon signing of the contract in December last year and the Company is pleased to advise that the first payment milestone has been completed and the relevant payment made and received in full as expected. Further payment milestones will be completed over the course of the next 12 months as the system is built up to its full operating scale, followed by the ongoing supply of SRT's satellite data product (S-MDA), training and capacity building. 

Simon Tucker, CEO of SRT said: "I am very pleased at the progress being made. This reflects the excellent working relationship now established between SRT and BFAR which is built on a common objective to build and operate this system as quickly as possible."

Contacts:
SRT Marine Systems plc		www.srt-marine.com  + 44 (0) 1761 409500
Simon Tucker (CEO)		[e-mail]
Louise Coates (Marketing Manager)		[e-mail]
finnCap Ltd
Marc Milmo / Anthony Adams (Corporate Finance)		[phone]
Tim Redfern / Richard Chambers (ECM)

About SRT Marine Systems plc:

SRT develops, manufactures and supplies maritime tracking technology and turn-key system solutions to marine stakeholders across the globe with a particular expertise in AIS. The Company's products and solutions are used by individual vessel owners, port authorities, maritime infrastructure owners, coast guards and national security agencies to enhance their maritime domain awareness. Applications include the tracking of commercial and leisure vessels; sustainable fishery; anti-collision; search and rescue; waterway management, port and coast security; pollution management; and environmental management.

 

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