£5m System Support Contract
SRT Marine Systems PLC has secured a £5 million one-year support contract for an existing SRT-MDA deployment with a sovereign customer, running from January 1, 2026, to December 31, 2026. This contract, larger than the previous year's, covers technical support and data services and is expected to grow as the customer expands their system. The company anticipates recurring annual support contracts to increase in value, reflecting a multi-revenue stream business model.
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SRT Marine Systems plc ("SRT"), a global provider of intelligent maritime surveillance and safety systems, is pleased to announce that it has signed a £5 million one-year support contract for an existing SRT-MDA deployment with a long-standing sovereign customer. This support contract runs from 1 January 2026 to 31 December 2026 and covers technical support and data services to maintain and support the customer's operational SRT-MDA system.
This is the second annual support contract and is larger than the first due to the customer's growing use of the system. Such recurring annual support contracts are expected to grow in value as the customer expands its SRT-MDA system with future system expansion contracts.
Simon Tucker, CEO of SRT, said:
"This is an important long term sovereign partnership with significant future system growth ambitions. This further system support contract, which provides a blend of services for our existing system, is a strong example of our long term, multi revenue stream business model delivering value for both SRT and the customer, who relies daily on a state of the art digital maritime surveillance system."
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.