I think the main appeal is its functionality enabling VHF to be accessed on smartphones which enables other features like MOB alerts etc etc. Will look out for announcements from EmTrak dealers over the next few weeks. I expect it will be a little while before Nexus appears rebranded by OEMs
I respect ST's quest for excellence in SRT's products ( which is evidenced by their success with OEMs over the years ). The Nexus programme has taken longer than originally envisaged, not least because of the extended beta testing phase with various agencies including RNLI, Customs etc.
Mr Tucker has always claimed that he wants Nexus to be at 'Apple standard' - and I think we can take him at his word based on quality of SRT's products to date.
Nexus was described at last year's METS as being "a game changer". I hope it's a game changer for SRT too. |
Not being a mariner, I don't know how useful it would be, but I suspect that it will be more for new build. Anyone with a boat will have VHF already so would more likely opt for an AIS add-on.
Emtrak has been talked of before as mainly retrofit, whereas someone with cash to splash for a new build tends to opt for a brand or even a suite with chart plotters etc.
There are of course the geeks such as those who read Panbo, but how many of them are there? |
Nexus Base seen retailing at 13995 Danish Kroner, about £1575, on one of the few sites actually selling although no stock as yet. No price quoted for Nexus handheld. Looks impressive spec and functionality. Hopefully will prove in demand once properly launched. |
Someone mentioned Nexus recently: |
I must have the equivalent of the commentator's curse - it seems that they are looking to replace our man in Jakarta. He must have been fed up sitting around for a year doing nothing. Incongruously, this position reports dircetly to Peniket and not to the head of systems delivery, such is the importance of the contract.
They would absolutely not be hiring for Bahrain unless the deal is practically closed, so I expect to hear very soon on that. |
Another two new posts advertised for program managers 1 Bahrain 1 Jakarta Indonesia :)
"The Program Manager will be expected to represent the company in-country to the end customer and will be responsible for managing the team to deliver, install and commission SRT’s Maritime Domain Awareness Systems. " |
Thanks lavalmy. V useful to know re headcount |
They may well get the annual Php 5 billion into 2025's budget, which might explain the need for a new hire. I note with some tredipation that they will be able to enter into loan agreements and the like. |
Still hiring 3 new roles today civil engineer, hardware engineer and looking for a general manager in Manila
"Role Overview
The General Manager role is to ensure the successful implementation of the SRT-MDA system. The successful candidate will be expected to represent the company in-country to the end customer and work alongside the company’s in-country installation partner to ensure full and complete system installation and commissioning." |
Another thing about Indonesia is that our own man over there, Stephen Meakin, does not seem to be the sort who would be happy just sitting around waiting for thinga to happen. If he thought that the project was not going to happen, I am sure he would have quit asap.
Reading his profile on Linkedin it is remarkable how much people recommend him for getting jobs done on tight timelines ahead of time and below budget. So when the starting whistle is finally blown, I would expect to see rapid progress.
Maybe UKEF could hire him afterwards. |
What I do find baffling about this delay is that UKEF has a man based in Indonesia, a Magdalen man like myself.
From 2018
'Indonesia has become the first country in the world to have a UK Export Finance (UKEF) country head to be based in-country. Richard Michael has been appointed to the newly-created post in Jakarta, leading UKEF’s efforts to grow the UK-Indonesia trading relationship.'
He had previously spent about half of his 30 year career in Indonesia, so quite clearly would understand how things are done over there. I don't know exactly when SRT's project got into the Blue book, but it most certainly moved into the Green Book after he started with UKEF. So he will have undoubtedly have been involved with it then. |
pidazzle
I have no particular insight as to what has caused the delay, but I think it is just as likely that it is the UK end of things - small company, large contract, country and agency known for corruption etc.
As for noises from SRT, I tend to look at what they do rather than what they say. So when the project manager hired for Saudi left the company last autumn, is was clear to me that something was wrong. Conversely, the Indonesian project manager is still in place and they have recently hired a new manager for Saudi. |
LaV - So are you saying (1) that the contract as such is in place, but (2) that some 15-16 months later UKEF and Indonesia have STILL not signed a financing deal? Would it then be fair to read that as suggesting an attitude of "no urgency" on the part of Indonesia, meaning in effect that we can wait forever - or at least, indefinitely - for the contract to commence?
And if that's the case, is there not some sort of disconnect with the noises coming from ST and the company? |
Hi bathbuoy
I think you might have misunderstood what binding means in this context. The contract is contingent on UKEF and Indonesia signing a definitive financing deal. All prospective bidders had to have this in place to be considered eligible as Indonesia was not prepared to go forward with the project without foreign finance. If the finance is not forthcoming, there is no contract.
WRT to smaller chunks, I think that refers to the PCG and not Indonesia, but there is no indication that the PCG has any budget for next year for any of SRT's proposed projects. |
I know it’s been a long time coming but in the recent update Simon did say that the contract signed in May last year for £140m was a binding contract. Surely this means that the customer is committed and will have to fund it some way. I believe Simon said at the last shareholder meeting that it might have to be broken into smaller chunks that are funded separately.
Any views? |
I know it’s been a long time coming but in the recent update Simon did say that the contract signed in May last year for £140m was a binding contract. Surely this means that the customer is committed and will have to fund it some way. I believe Simon said at the last shareholder meeting that it might have to be broken into smaller chunks that are funded separately.
Any views? |
Assuming November/December - by which time there should be a Nexus feel-good factor for the directors to offer up to long suffering PI's.
METS in Amsterdam should see its full launch by EmTrak.
By then of course we might (just might) have some positive contract news.
Please, oh please. |
With the change in year end date, the AGM will not be in the same month as previous years I assume. Has anyone heard which month it will be in? |
There you go again CM with your ‘I suspect’ this and ‘I suspect’ that
Let’s have some hard RNS news before the 15 month 2024 loss is disclosed |
I suspect that there is a growing relationship between SRT Marine and Ocean Infinity. Ocean Infinity has more than 500 employees, it has a base in Southampton and is a major SRT Marine shareholder. It also has deep pockets! It does not take much imagination to see how their differing maritime skills complement each other.
Both companies have a global footprint, and I suspect that the Ocean Infinity offering will complement SRT’s ability to win contracts, going forward. SRT’s impressive list of contacts can also open doors for Ocean Infinity. Coastguards with a generous budget will recognise the potential for autonomous patrol boats which can loiter whilst watching and listening.
Some fisheries contracts will require ocean surveys to define where differing vessels will be allowed to fish. Ocean Infinity can provide this data.
SRT is in the ‘sweet spot’ for both coast guard and fisheries contracts. Is anybody aware of a company that has an offering which can compete? |
I wouldn't treat this news quite so flippantly given that we have been waiting for recurring revenues for far longer than the Indonesian contract.
It is a bit of a shame that the recurring part is not quantified but I would guess
$2.5-3 million at 40% margin. If ever SRT is valued partially on a revenue multiple for the recurring part, then even this modest start would account for a decent chunk of the current market cap. Five times sales or ten times EBIT, $12 million or so?
I should have added that this news also strongly suggests that relationships at the BFAR and Bakamla are still good, particularly important for the former. |
Nothing to get excited about. The long wait for some decent news continues. |
Obviously the market awaits the start of the LONG AWAITED £140 million Indonesia contract and the next stage of the £15 million Saudi contract. Both of these have kit at MSN awaiting delivery with early cash due to SRT. My interest is the very large ME contract mentioned, under outlook, in the trading update of 7/6. I am hoping that it will be Kuwait which will award this contract to SRT in the next three months. |
We were discussing this very issue 11 & 12 June. It has taken an awful long time to be shown correct. Let's hope the actual deals we so patiently await are just having their i's dotted and t's crossed. |
The broker's view seems about right.
'SRT Marine Systems has announced it has signed two follow-on SRT-MDA System support contracts with two sovereign agency customers in Asia worth in aggregate $4.6m to be recognised over the next 12 months. These wins highlight the repeatable nature of critical maintenance and support contracts that follow, and subsequently scale, as customers build up their sovereign maritime surveillance and monitoring capabilities once SRT has initially implemented its mission-critical SRT-MDA Systems for sovereign Coastguards and Fisheries customers.'
One small caveat is 'with one of the contracts including some existing functionality refinements' which would not be recurring, but the balance would seem to be. BFAR and Bakamla's little installation must be the customers. |
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