Marine engineering firm lands £144m deal
A Bath based maritime engineering firm has signed a £144m deal with a national coast guard.
SRT Marine Systems makes maritime domain awareness systems and technology for security, safety and environmental protection.
The company has signed a $180m contract to supply an integrated maritime surveillance and intelligence system to the unnamed national coast guard.
The signing took place at a confidential ceremony at the coast guard headquarters and was attended by the leadership of the coast guard, local government officials and UK Embassy staff.
The project has an expected implementation period of approximately two years, followed by a support and data services period of eight years.
The implementation of the system accounts for approximately 85 per cent of the value, with the remaining 15 per cent related to support and data services.
The signing of the contract was triggered by the completion of a government-to-government project finance MoU agreement, which paves the way for the completion of the project-specific inter-government UKEF supported loan agreement for this contract, which the customer’s government is using to finance the project.
The contract will deliver a state of the art national scale implementation of the SRT-MDA System integrated maritime surveillance, intelligence and command and control system.
The system will integrate multiple coastal, vessel, drone and satellite sensor systems within a network of fully connected command centres.
Operators will benefit from our proprietary analytics and visualisation technologies that enable enhanced vessel and event detection and characterisation across the customer’s entire marine domain and thus a high level of maritime domain situational awareness.
Chief executive Simon Tucker: “The SRT-MDA System will enable our customer with exceptional, fully autonomous strategic and tactical maritime surveillance and intelligence that places it amongst the leaders globally in this capability area.
“We expect them to reap numerous benefits that include environment protection, improved safety, security and prevention of illegal fishing, all achieved with a high level of efficiency and effectiveness resulting from the system. We look forward to a long relationship with our expectation of this being just the first of many contracts in the years and decades to come.”