SRT Marine signs contract with 'significant' coastguard in Asia

9th Nov 2022 13:18

(Sharecast News) - Marine surveillance and coastal monitoring technology company SRT Marine Systems has signed a contract with a new customer, it announced on Wednesday, to provide an unnamed national coastguard in south east Asia with an initial 'SRT-MDA' maritime monitoring system.

The AIM-traded firm said the contract was for a small system that would enable the coastguard to coordinate several other national agencies when identifying and scheduling vessel inspections for safety, law enforcement and security purposes.

It said the project was expected to be completed by March next year.

The board described the end customer as a "significant national coastguard", adding that the contract was the first step on the coastguard's long-term strategy to build up a "next-generation" national integrated maritime surveillance and intelligence system

"We are delighted to have signed this new contract and open another new long-term market and customer for our maritime surveillance system solutions," said chief executive officer Simon Tucker.

"Whilst this first contract is small, it is strategically important for SRT given their ambitious future maritime surveillance plans."

At 1246 GMT, shares in SRT Marine Systems were up 1.7% at 41.95p.

Reporting by Josh White for Sharecast.com.