Business
$180m MDA System Contract Signed
$180m MDA System Contract Signed.
About this update from Srt Marine Systems Plc
[{"type":"text","content":"\n\nTHIS 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.\n \n \nSRT MARINE SYSTEMS PLC\n(AIM: SRT)\n(\"SRT\" or the \"Company\")\n \n$180m MDA System Contract Signed\nSRT 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 it has signed a US$180million contract to supply an integrated maritime surveillance and intelligence system to a national Coast Guard.\nThe signing took place at a confidential ceremony at the coast guard headquarters on Wednesday 17th May 2023 attended by the full leadership of the Coast Guard, local government officials and UK Embassy staff.\nThe project has an expected implementation period of approximately 2 years, followed by a support and data services period of 8 years. The implementation of the system accounts for approximately 85% of the value, with the remaining 15% related to support and data services.\nThe signing of the contract (which is in relation to the letter of intent that the Company announced on 23 March 2023) was triggered by the completion of a government-to-government project finance MoU agreement, which paves the way for the completion of the project-specific inter-government UKEF supported loan agreement for this contract, which the customer's government is using to finance the project.\nThe contract will deliver a state of the art national scale implementation of the SRT-MDA System integrated maritime surveillance, intelligence and command & control system. The system will integrate multiple coastal, vessel, drone and satellite sensor systems within a network of fully connected command centres. Operators will benefit from our proprietary analytics and visualisation technologies that enable enhanced vessel and event detection and characterisation across the customer's entire marine domain and thus a high level of maritime domain situational awareness.\nSimon Tucker, CEO of SRT Marine Systems, commented:\n\"The SRT-MDA System will enable our customer with exceptional, fully autonomous strategi...