New System Contract Signed
Phase 2 contract signed for $15m maritime domain awareness system for national coast guard.
- Phase 2 gross contract value approximately $15m
- Phase 2 implementation timeline end of 2025
- Support phase duration 5 years
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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 the 6th January announcement of receipt of formal notice to proceed (NTP) on the second phase (Phase 2) of a significant, long-term project to build up a national integrated maritime MDA system for a national coast guard, contract formalities have been completed and the contract signed. This second phase has a gross value of approximately $15m and will immediately commence implementation. Implementation is expected to be completed by the end of 2025, followed by a 5-year support phase. Phase 3 is expected to follow in 2026 following completion of phase 2.
This is the second phase of a long-term strategic plan by the customer to build up a fully integrated and digitised maritime surveillance and management system that is able to support multiple ministries including coast guard, border agencies, fisheries and environment agencies.
Simon Tucker, CEO of SRT Marine Systems, commented:
"This is an important long-term customer for SRT and we are pleased to be starting this next phase in their transition to a fully digitised and integrated intelligence based maritime domain awareness capability. We look forward to many years of future work and co-operation with this customer."
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.