SRT Marine Systems plc announced that it has received notification from an existing Coast Guard customer that it is proceeding with the next phase of its maritime surveillance system capability build-up strategy and will be awarding SRT a new contract. Contract processing formalities are now in progress and expected to be completed within the next few months. The initial system upgrade implementation is expected to be delivered within 12 months of the formal contract signing with an expected value in the region of $10 million.

Thereafter we expect a series of further purchase contracts for customised transceivers which we believe could result in a further $10 million of revenues. The customer is a national Coast Guard facing an increasingly complex range of maritime security and safety challenges. The customer has an existing SRT supplied vessel tracking and identification system (commissioned in 2016) which has helped to transform maritime safety and security.

The next phase now being contracted will integrate a new generation of multiple sensor types within a single operating platform and deliver a significant uplift in their maritime intelligence across both their territorial and EEZ waters, enabling intelligence lead operations which are more effective and efficient.