SRT Marine gets go-ahead for $15m coast guard project

Simon Tucker, chief executive of SRT Marine

Bath-headquartered SRT Marine is to begin the second phase of a major project for a national coast guard.

SRT Marine develops and supplies maritime surveillance systems and navigation safety products around the world.

The AIM-listed company has now received formal notice to proceed on the $15m (£12m), year-long phase of a “significant, long-term project” with the unnamed coast guard.

SRT Marine’s chief executive Simon Tucker said the company was “building long-term enduring customer partnerships” which has created a forward contract order book worth £320m and a sales pipeline valued at more than £1.2bn.

He said: “This is another example of the long-term sovereign partnerships that SRT is forging. 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.

“Each implementation project or phase typically takes between one to two years to complete and accounts for the majority of the value. The longer-term support and maintenance contracts can vary from one year to ten years, with an expected annual adjustment that reflects the size and complexity of the underlying system that grows with size and complexity.”

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