6th Jan 2022 11:39
(Alliance News) - SRT Marine Systems PLC on Thursday said it won a GBP40 million multi-year contract with an unnamed national coast guard.
Shares in SRT Marine were up 16% at 49.44 pence on Thursday morning in London.
The Bath-based maritime surveillance, management and safety technologies and systems company said that the award is for the first of three phases of a project will require the delivery, installation, commissioning, and support of a national scale SRT-MDA system.
SRT Marine explained that its SRT-MDA system incorporates a range of integrated functionalities such as vessel information and identification that automatically detect, alert and categorise suspicious and illegal activities. It also hosts management functionality that will enable its customer to enhance the efficiency of their operations and maritime safety and security.
The phases are scheduled to be implemented one after the other, over a total period of two years. The formal contract signing is expected to be completed before the end of January.
Looking forward, SRT Marine said it expects a series of significant follow-on contracts from this contract, with each adding new capabilities to the system.
Chief Executive Simon Tucker said: "This project marks the first of several substantial contracts in our GBP550 million validated sales pipeline that had been delayed due to Covid and we have been expecting to fall under contract once internal customer processes were completed."
By Heather Rydings; [email protected]
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