SRT Marine, a maritime technology firm, announced a significant contract award.
- This contract, valued at USD 213 million, involves a new international government client.
- The project entails developing a comprehensive national maritime surveillance system.
- Expected completion of the contract formalities is by the end of November.
- SRT is poised to provide long-term support and maintenance post-delivery.
SRT Marine, an AIM-listed company in North East Somerset, has been awarded a substantial contract to deliver an advanced maritime surveillance system. The contract, worth USD 213 million, is with a new international government client and has been formally announced by the company.
The surveillance system project includes integrating multiple fixed and mobile multi-sensor platforms. It will be bolstered by several command centres distributed across the client nation. This system aims to enhance the nation’s maritime safety, security, and environmental sustainability.
SRT Marine anticipates finalising the formal contract and performance bond by the end of November. The firm is expected to deliver the surveillance system within two years, followed by a comprehensive ten-year support and maintenance scheme.
Simon Tucker, Chief Executive of SRT Marine Systems, expressed excitement over this expansive new project and emphasised its importance in augmenting the client’s surveillance and intelligence capabilities. This marks the second major contract of such scale achieved by SRT in the past 18 months.
Earlier setbacks had seen the company struggle with delays and forecasted financial losses due to slow administrative processes affecting revenue. However, the new contract signifies a pivotal turnaround, promising a more stable financial future for the company.
This major contract heralds a transformative phase for SRT Marine, showcasing its technological expertise in maritime surveillance.
