27th May 2025 10:05
(Alliance News) - SRT Marine Systems PLC shares climbed on Tuesday as it said its EUR167 million Indonesian coastal surveillance project has started.
Shares in SRT Marine Systems were up 8.2% to 63.85 pence in London on Tuesday morning.
The Somerset, England-based developer of maritime awareness systems said the national maritime security system project for the Indonesian Coast Guard has begun, after the inter-government project finance loan and other contract condition precedents were finalised.
SRT said the project will take place in multiple phases over two years followed by eight years of ongoing support, maintenance and data services.
The contract is to set up an advanced integrated national maritime surveillance, command, control and communication capability in Indonesia.
The firm added that the system will provide "AI driven intelligence and insight" on maritime activities including illegal fishing and smuggling.
As part of the project, the company will set up multiple command centres, multi-sensor coastal surveillance towers, long range drones and patrol vessel surveillance integration.
"This project delivers a sovereign national capability owned and operated by the government of Indonesia that enables them to build up a massive national dataset within a system they own, control and operate that has highly configurable functionalities to provide deep insight," said Chief Executive Officer Simon Tucker.
By Michael Hennessey, Alliance News reporter
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