A North East Somerset-based maritime technology company, SRT Marine, has successfully secured a significant contract valued at $213 million. This contract involves the delivery of an advanced maritime surveillance system for a national coast guard, reflecting SRT Marine’s growing influence in the global maritime technology sector. The project will span two years, followed by a decade-long support and maintenance package.
A maritime technology firm, SRT Marine Systems, based in Midsomer Norton, North East Somerset, has been awarded a major contract with a value of $213 million. The announcement, made on Monday, marks a significant achievement for the AIM-listed company, which has been tasked with implementing a state-of-the-art surveillance system for a national coast guard. This system is designed to integrate a wide array of multi-sensor surveillance platforms, both fixed and mobile, along with several command centers distributed across the nation.
The formal contract, foreseen to be executed before the end of November, outlines a comprehensive plan under which SRT Marine will deliver the sophisticated surveillance infrastructure within two years. This extensive contract also encompasses a support and maintenance agreement that will extend over a ten-year period, ensuring long-term functionality and service.
Chief Executive of SRT Marine Systems, Simon Tucker, remarked on the project’s significance, stating that it represents a substantial advancement with a new client in a previously untapped country. He emphasized that this contract is the second of such magnitude to emerge from their validated sales pipeline in the past 18 months. “This new SRT system will equip the customer with significant maritime surveillance and intelligence capabilities,” Tucker commented, underlining the expected enhancement in marine safety, security, and sustainability for the client.
This new contract arrives after the company recently faced challenges, with anticipated losses for the financial year due to protracted administrative processes affecting contract finalization. In June, the company had informed investors about anticipated lower revenues, projected at approximately £14 million, attributing this decline to these delays.
September brought some reprieve for SRT Marine with two new contracts in Asia valued at $4.6 million for its ongoing work with sovereign agency clients. Despite the earlier setbacks, SRT’s successful acquisition of this latest $213 million contract underscores its resilience and growing expertise in the field of maritime technology.
The acquisition of this substantial contract marks a pivotal development for SRT Marine Systems, reinforcing its position as a leading player in the maritime technology industry.
