18th Sep 2025 15:17
(Alliance News) - SRT Marine Systems PLC on Thursday said it has received notification of the award of significant supply contract with an unnamed, "new sovereign customer", worth around USD200 million.
The Somerset, England-based developer of maritime domain awareness systems said the deal pertains to the supply of a "substantial maritime surveillance system," with the award subject to completion of the project contract and a project financing package.
SRT noted that neither of these project outcomes are certain and could take "many months."
Once active, SRT said the contract would add to its existing active contract book of around GBP330 million, currently being implemented for five sovereigns.
The customer faces an "array of maritime domain challenges", said SRT, including with issues such as smuggling, illegal fishing and illegal border incursions. It added that the SRT-MDA System being acquired is set to provide "extensive maritime intelligence" to allow marine agencies to take on an intelligence led operations doctrine, supporting efforts against such challenges.
Shares in the company rose 9.1% to 79.00 pence on Thursday afternoon in London.
"This award from a new sovereign customer is a conversion from our GBP1.4b validated sales pipeline, and once under contract, will be a substantial boost to our existing active contract book which currently stands at approximately GBP330 million," said Chief Executive Simon Tucker.
"As the global market for maritime domain awareness continues to gather pace we expect to see our validated sales pipeline continue to grow with contract opportunities from both new and existing customers, and subsequent conversion into contract," Tucker continued.
By Christopher Ward, Alliance News reporter
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