SRT Marine gets go-ahead for next phase of national coast guard project

SRT Marine Systems, a global provider of maritime domain awareness (MDA) solutions, announced the receipt of a formal notice to proceed (NTP) for the second phase of a significant national coast guard project on Monday.

The AIM-traded firm said the second phase, valued at around $15m, was part of a long-term initiative to develop a national integrated MDA system.

Final contract formalities were expected to be completed by the end of January, with implementation set to begin immediately afterwards.

The board said the phase was scheduled for completion within 12 months, after which the project was anticipated to progress to the third phase.

“This is another example of the long-term sovereign partnerships that SRT is forging,” said chief executive officer Simon Tucker.

“We look forward to working with this important customer to further expand their MDA system capabilities, which support and enable the implementation of a modern maritime safety, security and sustainability regulation program in the interests of all stakeholders.”

Tucker said the company was building “long-term, enduring” customer partnerships, and now had multiple sovereign nation customers that had embarked on MDA digitisation roadmaps, with a forward contract order book worth £320m to implement.

“More is expected to come from both existing and new customers as reflected in our validated sales pipeline, which has over £1.2bn of identified new contract prospects.”

At 1033 GMT, shares in SRT Marine Systems were up 1.27% at 40p.

Reporting by Josh White for Sharecast.com.