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LONDON (Alliance News) - SRT Marine Systems PLC, which makes maritime domain awareness software, on Friday said it has won an initial order and secured first payment for AIS vessel monitoring transceivers in Saudi Arabia.
The orders will be shipped in SRT's current financial year, to the end of March 2017, and are part of a national initiative in Saudi Arabia which will see up to 70,000 locally-registered boats monitored in order to boost maritime security.
No financial details on the agreement were disclosed.
"After a four-year period of extensive consultations, technology and product evaluation, this small initial order is an important milestone and marks the start of the rollout. We look forward to working with our partners in the future on this national initiative," said SRT Chief Executive Simon Tucker.
SRT shares were up 4.7% to 45.00 pence early Friday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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