SRT Marine shares jump as notes USD213 million contract award

Mon, 07th Oct 2024 11:55

(Alliance News) - SRT Marine on Monday announced a large contract which saw its shares surge.

The Somerset, England-based company provider of maritime domain awareness systems and technologies for surveillance, security, safety and environmental protection said it received a formal contract award notification from an unnamed sovereign government ministry for a contract worth USD213 million.

SRT Marine shares jumped 28% to 45.85 pence each on Monday afternoon in London.

The company expects to complete the formal contract and associated performance bond before the end of November. Implementation should start "immediately thereafter".

SRT will provide the client's national coast guard with a "a new state-of-the-art" system integrating "numerous" fixed and mobile command centres across the country.

The deal includes turn-key delivery of the system within two years, plus a ten-year support and maintenance package.

"This is a large and hugely exciting new project with a new customer in a new country, and the second contract of this scale to convert from our validated sales pipeline in the last 18 months. This new SRT system will equip the customer with significant maritime surveillance and intelligence capabilities which will assist in ensuring the safety, security and sustainability of their marine domain," Chief Executive Officer Simon Tucker said.

On September 2, the company announced that USD4.6 million follow-on system support contracts were signed with two existing sovereign agency customers in Asia worth a total of USD4.6 million over 12 months. The contracts include provision of support, data and maintenance services, with one of the contracts including some existing functionality refinements.

By Tom Budszus, Alliance News slot editor

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