SRT Marine Systems plc announced that it has signed a USD 180 million contract to supply an integrated maritime surveillance and intelligence system to a national Coast Guard. The signing took place at a confidential ceremony at the coast guard headquarters on May 17, 2023 attended by the full leadership of the Coast Guard, local government officials and UK Embassy staff. The project has an expected implementation period of approximately 2 years, followed by a support and data services period of 8 years.

The implementation of the system accounts for approximately 85% of the value, with the remaining 15% related to support and data services. The signing of the contract (which is in relation to the letter of intent that the Company announced on 23 March 2023) 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 national scale implementation of the SRT-MDA System integrated maritime surveillance, intelligence and command & 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 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.