SRT Marine Systems PLC New Follow-on System Contract (3461D)
21 Juni 2023 - 8:00AM
UK Regulatory
TIDMSRT
RNS Number : 3461D
SRT Marine Systems PLC
21 June 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT
FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018 ("MAR"), AND IS DISCLOSED IN ACCORDANCE WITH
THE COMPANY'S OBLIGATIONS UNDER ARTICLE 17 OF MAR.
SRT MARINE SYSTEMS PLC
(AIM: SRT)
("SRT" or the "Company")
New Follow-on System Contract
SRT Marine Systems plc ('SRT'), a global provider of maritime
domain awareness systems and technologies for security, safety and
environmental protection is pleased to advise that it has received
notification from an existing Coast Guard customer that it is
proceeding with the next phase of its maritime surveillance system
capability build-up strategy and will be awarding SRT a new
contract.
Contract processing formalities are now in progress and expected
to be completed within the next few months. The initial system
upgrade implementation is expected to be delivered within 12 months
of the formal contract signing with an expected value in the region
of $10m. Thereafter we expect a series of further purchase
contracts for customised transceivers which we believe could result
in a further $10m of revenues.
The customer is a national Coast Guard facing an increasingly
complex range of maritime security and safety challenges. The
customer has an existing SRT supplied vessel tracking and
identification system (commissioned in 2016) which has helped to
transform maritime safety and security. The next phase now being
contracted will integrate a new generation of multiple sensor types
within a single operating platform and deliver a significant uplift
in their maritime intelligence across both their territorial and
EEZ waters, enabling intelligence lead operations which are more
effective and efficient.
Simon Tucker, CEO of SRT Marine Systems, commented:
"The accumulated investment of many years is now being reflected
in the accelerating pace at which our new contract opportunity
pipeline is growing and then transitioning into contract. Over the
last year, our pipeline of new system contract opportunities, has
grown to an approximate value of GBP1.4bn, of which GBP380m are at
a mature stage in the sales cycle with increasing surety of timing.
I am delighted to receive notification of another new contract
sooner than expected from this long-standing customer, which will
likely result in additional revenues for SRT in the current
financial year. I expect to continue to see further conversions
from our pipeline, along with more additions to the pipeline into
the future."
For further information, please contact:
SRT Marine Systems plc www.srt-marine.com
+ 44 (0) 1761 409500
Simon Tucker (CEO) simon.tucker@srt-marine.com
Louise Coates (Marketing Manager) louise.coates@srt-marine.com
finnCap Ltd (NOMAD & Broker)
Jonny Franklin-Adams / Teddy Whiley
(Corporate Finance) +44 (0) 20 7220 0500
Tim Redfern / Charlotte Sutcliffe (ECM)
Yellow Jersey PR (Investor Relations)
Charles Goodwin charles@yellowjerseypr.com
+44 (0)7747 788 221
About SRT Marine Systems plc:
SRT Marine Systems PLC is an established leader in the growing
global market for maritime domain awareness. We provide advanced
technologies, products and systems, that integrate multiple
proprietary technologies such as advanced analytics, data fusion,
augmented visualisation, that enhance maritime safety, security and
environmental protection and sustainability. Our customers range
from governments to vessel owners around the world.
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END
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