SRT Marine wins phase 2 order for coast guard maritime project

(Alliance News) - SRT Marine Systems PLC on Monday said it has received formal notice to proceed with the second phase of a long-term project to develop a national integrated maritime domain awareness system for a coast guard.

The project phase, valued at approximately USD15 million, is expected to begin immediately after finalizing documentation by the end of January. The implementation is scheduled to be completed within 12 months, after which a third phase is anticipated to follow.

Shares in SRT Marine Systems were up 4.8% at 41.38 pence each in London on Monday morning after the announcement was made.

The second phase builds on previous work and will integrate seamlessly with existing systems, enabled by SRT's GeoVS operating platform. This stage also sets the foundation for future support and maintenance contracts that ensure system optimization, the company added.

SRT Chief Executive Simon Tucker Officer described the project as part of a broader "digitisation roadmap" to transform maritime operations into intelligence-led systems.

"We look forward to working with this important customer to further expand their MDA system capabilities, which support and enable the implementation of a modern maritime safety, security and sustainability regulation program in the interests of all stakeholders," Tucker said.

Tucker highlighted that such projects are part of SRT's long-term partnerships with multiple sovereign nations, contributing to a forward order book worth GBP320 million. The company's validated sales pipeline includes over GBP1.2 billion in potential new contracts.

By Eva Castanedo, Alliance News reporter

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