SRT Marine Systems PLC US$213 million Contract Signed

RNS Number : 2858K

SRT Marine Systems PLC

30 October 2024

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR"), AND IS DISCLOSED IN ACCORDANCE WITH THE COMPANY'S OBLIGATIONS UNDER ARTICLE 17 OF MAR.

 

 

SRT MARINE SYSTEMS PLC

(AIM: SRT)

("SRT" or the "Company")

 

US$213 million Contract Signed

SRT Marine Systems plc ('SRT'), a global provider of maritime domain awareness systems and technologies for security, safety and environmental protection is pleased to advise that further to its recent announcement of an award notification, on Wednesday 30^th October 2024 it signed a binding Contract with the Kuwait Ministry of Interior worth US$213 million to deliver an integrated SRT maritime surveillance system. Implementation commences immediately.

The contract was signed at the Kuwait Ministry of the Interior in Kuwait City, by His Excellency Sheikh Fahad Yousef Al-Sabah, the First Deputy Prime Minister, Minister of Defense, and Minister of Interior, and Simon Tucker (SRT CEO) with Commodore Sheikh Mubarak Ali Al-Sabah (Head of Kuwait Coast Guard) and Her Excellency, Mrs Belinda Lewis (British Ambassador to Kuwait) and other important dignitaries in attendance.

The contract is for a state-of-the-art national maritime surveillance system for the Kuwait Coast Guard and other relevant agencies. The system will incorporate a broad range of sophisticated sensor systems, USV's, Ai Analytics, augmented reality and integrated command & control systems as well as new supporting civil infrastructure. The contract forms a 12 year partnership with implementation expected to take up to 2 years, followed by 10 years of support, training and maintenance.

Simon Tucker, CEO of SRT Marine Systems, commented:

"Winning this landmark contract is a huge honour and achievement for SRT and reflects our many years of technology and project delivery capacity investment. This system will undoubtedly be amongst the most sophisticated maritime surveillance system in the world, incorporating several significant innovations along with full integration and digitisation of surveillance and command and control which will provide a powerful tool to enhance national security and maritime safety and environment protection and sustainability. We look forward to working with our new sovereign partner to deliver this contract and more in the coming years."

 

For further information, please contact:
SRT Marine Systems plc		www.srt-marine.com  + 44 (0) 1761 409500
Simon Tucker (CEO)		[e-mail]
Kevin Finn (Chairman)		[e-mail]
Cavendish Capital Markets Limited (NOMAD & Broker)
Jonny Franklin-Adams / Teddy Whiley (Corporate Finance)		[phone]
Tim Redfern / Ondraya Swanson (Corporate Broking)
Yellow Jersey PR
Charles Goodwin / Annabelle Wills		[phone] [e-mail]

About SRT Marine Systems plc:

SRT Marine Systems PLC is an established leader in the growing global market for maritime domain awareness. We provide technology driven solutions for coastal and EEZ surveillance, fisheries management and monitoring and navigation safety and efficiency. Our customers range from government agencies such as Coast Guards, Fishery Authorities and Ports & Waterway authorities to commercial and leisure vessel owners. 

 

 

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