SRT Marine receives formal notice to proceed on 'significant, long-term project'

29th Jan 2025 09:46

(Sharecast News) - Maritime surveillance firm SRT Marine Systems said on Wednesday that it has received formal notice to proceed on the second phase of a "significant, long-term project".

SRT Marine said the contract will see it build up a national integrated maritime MDA system for a national coast guard, with formalities already completed and the contract signed.

The AIM-listed group said the second phase has a gross value of approximately $15.0m and will immediately commence implementation, which was expected to be completed by the end of 2025, followed by a 5-year support phase. Phase 3 was expected to follow in 2026.

Chief executive Simon Tucker said: "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 cooperation with this customer."

As of 0945 GMT, SRT Marine shares were up 1.79% at 57.0p.

Reporting by Iain Gilbert at Sharecast.com