SRT Marine Systems PLC on Wednesday said it has signed a follow-on maritime surveillance system contract with an existing coast guard customer.
The Somerset, England-based provider of maritime domain awareness systems and technologies for surveillance, security, safety and environmental protection said that its customer is proceeding with the next phase of its maritime surveillance system capability build-up strategy and will be awarding SRT a new contract.
It noted that 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 contract signing with an expected value in the region of $10 million. Thereafter, SRT expect a series of further purchase contracts for customised transceivers which it expects could result a further $10 million revenue.
‘The customer is a national Coast Guard facing an increasingly complex range of maritime security and safety challenges,’ SRT said. The customer has an existing SRT supplied vessel tracking and identification system, commissioned in 2016.
Chief Executive Simon Tucker said: ‘Over the last year, our pipeline of new system contract opportunities, has grown to an approximate value of £1.4 billion, of which £380 million are at a mature stage in the sales cycle with increasing surety of timing. I am delighted to receive notification of another new contract sooner than expected from this long-standing customer, which will likely result in additional revenues for SRT in the current financial year.’
Shares in SRT shares were up 3.3% at 62.48 pence each in London early Wednesday.
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