SRT Marine Systems secures $20.5m follow-on order

(Sharecast News) - SRT Marine Systems announced on Friday that it has secured a $20.5m follow-on contract from an existing sovereign customer to expand the scope of its maritime surveillance system. The AIM-traded company said the agreement formed part of its sovereign partnership programme and would extend the capabilities of an existing system supplied to the customer.

SRT provides maritime domain awareness systems and navigation safety technology to governments and maritime authorities.

Chief executive Simon Tucker said the award reflected the long-term nature of its sovereign partnerships.

"Under the banner of our sovereign partnership program we expect our customers' requirements to evolve and grow over time. SRT's role in the partnership is to be a steadfast and reliable surveillance system expert partner to our customer and meet that need promptly and efficiently," he said.

"This is a great example of an ambitious customer who wishes to rapidly grow their MDA capabilities, resulting in follow-on business for SRT."

At 1256 GMT, shares in SRT Marine Systems were up 0.48% at 83.4p.

Reporting by Josh White for Sharecast.com.