US$213 million new MDA system contract award

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")

US$213 million new MDA system contract award

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 a formal contract award notification from a sovereign government Ministry for a contract worth US$213 million to deliver an integrated SRT maritime surveillance system. The award is subject only to completion of the formal contract and associated performance bond which are now underway and expected to be completed prior to the end of next month, with implementation commencing immediately thereafter.

The contract is for SRT to provide their national coast guard with a new state-of-the-art national maritime surveillance system that integrates numerous multi-sensor surveillance platforms, both fixed and mobile, along with several integrated command centres located across the country. The contract includes the turn-key delivery of the system within 2 years, followed by a 10 year support and maintenance package.

Simon Tucker, CEO of SRT Marine Systems, commented:

"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. We are honoured to have this prestigious new customer and look forward to implementing and operationalising the system over the next 2 years, as well as further projects as this ambitious customer grows their capabilities in the future." 

About SRT Marine Systems plc:

SRT Marine Systems PLC is an established leader in the growing global market for maritime domain awareness. We provide technology driven solutions for coastal and EEZ surveillance, fisheries management and monitoring and navigation safety and efficiency. Our customers range from government agencies such as Coast Guards, Fishery Authorities and Ports & Waterway authorities to commercial and leisure vessel owners.