SRT Marine Systems signs $261 million surveillance contract

SRT Marine Systems PLC on Wednesday said it has signed a $261 million maritime surveillance contract with an unnamed new sovereign customer, adding to a $20.5 million follow-on deal announced last week.

The provider of maritime domain awareness systems said the new agreement is for the supply of a national SRT-MDA system.

In September, SRT announced it had received a contract award notification with an expected value of around $200 million. The company said the formal project contract has now been signed at a final value of $261 million.

Shares in SRT Marine Systems were up 14% at 87.60 pence in London on Wednesday afternoon.

Activation of the project and commencement of implementation is subject to completion of a UK Export Finance-supported project finance package, work on which has now begun.

Chief Executive Simon Tucker said: ‘We are delighted to welcome this new customer to our sovereign partnership program and look forward to executing on this first $261 million contract, while working with them over the long term to build up their surveillance capabilities.’

The announcement follows a $20.5 million systems contract signed last Friday with an unnamed existing sovereign customer. SRT said that deal was a follow-on contract to expand the scope of an existing system.

Following the latest signing on Wednesday, SRT said it has around £340 million of active projects under implementation, a further $261 million contract signed and pending commencement, and a new contract prospects pipeline with an estimated value of up to £1.8 billion.

SRT said the pipeline reflects growing demand for independent sovereign maritime domain awareness capabilities and its integrated technologies.

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