Contract Guarantee Replacement Completed
SRT replaced Ocean Infinity's $21.4m contract guarantee with one from Barclays backed by UK Export Finance.
- Contract guarantee $21.4m
- Middle East contract value $213m
- Warrants avoided per month 4.0 million
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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 it has replaced the contract guarantee provided by Ocean Infinity in October 2024 with one provided by its corporate bankers, Barclays supported by UK Export Finance ("UKEF").
In October 2024, as part of a broader financing package, Ocean Infinity provided a $21.4m guarantee to provide an immediate contract guarantee for a new $213m contract in the Middle East. A condition of the guarantee was that if it was not replaced within 8 months (end of June 2025) 4.0 million warrants would be issued each month to Ocean Infinity. The replacement of the Ocean Infinity provided guarantee means that this financing is now fully settled, and no further warrants will be issued.
Richard Hurd, CFO of SRT Marine Systems, commented:
"I am delighted to complete this guarantee replacement which has been enabled by a combination of our improving balance sheet and the support of our bankers and UKEF."
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.