SRT Marine Systems signs USD261 million surveillance contract

(Alliance News) - SRT Marine Systems PLC on Wednesday said it has signed a USD261 million maritime surveillance contract with an unnamed new sovereign customer, adding to a USD20.5 million follow-on deal announced last week.

The provider of maritime domain awareness systems said the new agreement is for the supply of a national SRT-MDA system.

In September, SRT announced it had received a contract award notification with an expected value of around USD200 million. The company said the formal project contract has now been signed at a final value of USD261 million.

Shares in SRT Marine Systems were up 14% at 87.60 pence in London on Wednesday afternoon.

Activation of the project and commencement of implementation is subject to completion of a UK Export Finance-supported project finance package, work on which has now begun.

Chief Executive Simon Tucker said: "We are delighted to welcome this new customer to our sovereign partnership program and look forward to executing on this first USD261 million contract, while working with them over the long term to build up their surveillance capabilities."

The announcement follows a USD20.5 million systems contract signed last Friday with an unnamed existing sovereign customer. SRT said that deal was a follow-on contract to expand the scope of an existing system.

Following the latest signing on Wednesday, SRT said it has around GBP340 million of active projects under implementation, a further USD261 million contract signed and pending commencement, and a new contract prospects pipeline with an estimated value of up to GBP1.8 billion.

SRT said the pipeline reflects growing demand for independent sovereign maritime domain awareness capabilities and its integrated technologies.

By Eva Castanedo, Alliance News reporter

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