Software Radio Technology wins maritime deal with Asian country

Software Radio Technology has shaken hands on a maritime domain awareness deal in Asia that it expects to generate revenues of up to €90m over three years.

SRT will work with the customer, a "large country in Asia", to advise and assist with the planning and implementation of a maritime domain management system (MDM system) and supply necessary equipment, software, data and services.

The MDM system is expected to include a combination of automatic identification systems (AIS), radar, CCTV, and environmental sensors along the country's "extensive coastline", with AIS transceivers on vessels, and an network of control rooms at national, regional and local level.

The project will be split into three phases, with a sub-agreement agreed on the first already but the AIM-listed company due to record the bulk of its revenue in the third segment.

Chief executive Simon Tucker said: "This agreement marks the conversion of a further project, and one of the largest, in our validated sales opportunity pipeline. This is a substantial maritime domain awareness project involving many stakeholders and we have been working towards this for several years."

As well as improve general sea safety, the MDM system is intended to help the country improve maritime security; monitor and management what is one of the world's largest fishing fleets; help improve maritime search and rescue.

Shares in SRT were up by almost 33% to 24.5p by 1030 GMT on Wednesday.