SRT Marine has successfully secured a £31m funding package to propel its upcoming large-scale contracts.
- The finance comes from one of its existing U.S.-based shareholders, Ocean Infinity.
- This funding will support the delivery of a £213m contract starting soon and facilitate three more contracts worth $210m.
- Ocean Infinity’s CEO, Oliver Plunkett, will join the board of SRT Marine.
- These initiatives are poised to significantly enhance SRT’s capabilities and expand its reach.
SRT Marine, a maritime surveillance company, announced a significant funding boost of £31m, provided by its existing shareholder, Ocean Infinity, a U.S. robotics firm. This financial injection is pivotal to SRT’s plans, enabling the execution of a substantial £213m contract set to commence shortly, along with three additional contracts valued at $210m.
The funding package is composed of equity and bridging finance, underscoring Ocean Infinity’s confidence in SRT’s long-term potential. This strategic financial partnership sees Ocean Infinity’s CEO, Oliver Plunkett, appointed to SRT’s board, fostering stronger ties between the two companies.
Simon Tucker, the CEO of SRT Marine Systems, expressed that this funding marks a transformative leap for the company. He stated, “This financing package enables SRT to make a truly transformational commercial leap and very significantly accelerate the financial performance of the company through the simultaneous delivery of over $400m of contracts and with capacity for more.” The funding positions SRT to capitalise on a growing pipeline of maritime technology opportunities estimated at $1.5bn, significantly advancing the company’s growth trajectory.
Oliver Plunkett highlighted the mutual benefits anticipated from this collaboration, noting the envisioned long-term collaboration between SRT and Ocean Infinity. He remarked, “The contract awarded to SRT in which Ocean Infinity will play a key supporting role is precisely the kind of opportunity to work together that we foresaw when we first invested in the company.”
In addition to this major funding deal, SRT Marine recently secured two contracts in Asia worth US$4.6m with large sovereign agencies. These deals are part of ongoing discussions to scale their systems in extensive and complex maritime domains, illustrating SRT’s expanding global footprint and the growing demand for its sophisticated maritime surveillance solutions.
SRT Marine’s new funding sets a robust foundation for its expansive project execution and future growth.
