Software Radio Technology PLC MDM System Supply Agreement Signed (4637R)
09 March 2016 - 6:00PM
UK Regulatory
TIDMSRT
RNS Number : 4637R
Software Radio Technology PLC
09 March 2016
SOFTWARE RADIO TECHNOLOGY PLC
(AIM: SRT)
("SRT" or the "Company")
MDM System Supply Agreement Signed
SRT, the global provider of maritime tracking technologies,
products and turn-key system solutions, is pleased to announce that
it has entered into a major agreement (the "Agreement") for the
supply of a significant maritime domain management system ("MDM
system" or the "System") for a large country in Asia. Under the
Agreement, SRT will play an integral role in the development and
implementation of a national integrated maritime system which is
expected to generate revenues of up to EUR90 million (approximately
US$100 million) for SRT over three years, depending on final
specification.
The Agreement requires SRT to work closely with the customer to
assist with the specification, planning and implementation of the
complete project as well as the supply of equipment, software, data
and services. The project will be implemented in three distinct
phases over an expected period of three years with the Agreement
requiring that each phase is successfully completed and accepted by
the end customer before proceeding to the next phase. The
requirements for each phase are different in specification, scale
and value and will be reflected in separate sub-agreements
("Sub-Agreement") for each phase.
Phase 1 of the project is focused on a detailed evaluation of
the systems to be deployed; Phase 2 the detailed system and rollout
planning based upon information gained from Phase 1; and Phase 3 is
the national rollout. Consequently revenues attributable to the
Agreement will be spread across three phases with heavy weighting
to Phase 3. SRT has entered into the Sub-Agreement for Phase 1, the
requirements of which include the supply of a regional MDM system
and vessel transceivers.
The complete MDM system is expected to include a combination of
AIS (satellite and terrestrial), radar, CCTV, and AtoN
environmental sensors which will be installed across the country's
extensive coastline, AIS transceivers of multiple types for
vessels, and an integrated network of national, regional and local
control rooms.
The System will deliver a range of sophisticated maritime
monitoring functionality for all marine stakeholders in the country
covering one of the world's largest maritime Exclusive Economic
Zones. Functionality delivered by the System will include (i)
effective maritime security with automated threat identification
and management; (ii) the monitoring, licensing and management of
one of the world's largest fishing fleets to assist with the
prevention of illegal fishing; (iii) management of the fleet and
fish stocks, monitoring and management of sensitive marine
environments; (iv) enhanced maritime search and rescue; and (v)
general improved safety at sea.
Simon Tucker, SRT CEO said: "This Agreement marks the conversion
of a further project, and one of the largest, in our validated
sales opportunity pipeline. This is a substantial maritime domain
awareness project involving many stakeholders and we have been
working towards this for several years. SRT's many years of
investment has resulted in our MDM system with its proven
performance, unique functionality, such as ABSEA and GeoVS Data
management and display functionality. This, coupled with SRT's
expertise in the area of large scale national maritime monitoring
systems, made us the natural choice. We look forward to working
closely with our customer to deliver this significant project in
the coming months and years."
ENDS
Contacts:
Software Radio Technology www.softwarerad.com
plc + 44 (0) 1761 409500
Simon Tucker (CEO) simon.tucker@softwarerad.com
Louise Coates (Marketing louise.coates@softwarerad.com
Manager)
WH Ireland Limited www.wh-ireland.co.uk
Tim Feather / Liam Gribben +44 (0) 113 394 6600
Bell Pottinger +44 (0) 20 3772 2500
Anna Legge
Elly Williamson
Molly Stewart
About SRT:
SRT develops, manufactures and supplies maritime tracking
technology and turn-key system solutions to marine stakeholders
across the globe. The Company's products and solutions are used by
individual vessel owners, port authorities, maritime infrastructure
owners, coast guards and national security agencies to enhance
their maritime domain awareness. Applications include the tracking
of commercial and leisure vessels; sustainable fishery;
anti-collision; search and rescue; waterway management, port and
coast security; pollution management; and environmental
management.
In the early 2006, SRT was the first company to develop a low
cost technology platform supporting the International Maritime
Organisation (IMO) adopted data communications technology, AIS
(Automatic Identification System). This technology transmits vessel
type, current co-ordinates, course and speed, and the vessel's
unique identifier, in real time - air traffic control for boats. As
a result of a global IMO sponsored mandate for the use of AIS,
today AIS is being adopted and implemented worldwide in marine
market as the next generation of radar. SRT's systems are entirely
developed in the UK with 95% of revenues derived from exports.
With circa 26 million vessels operational globally and a growing
demand from national authorities enforcing vessels operating in
their waters to fit AIS as standard, SRT, the leading global
provider of AIS technology, is at the forefront of a rapidly
developing and evolving multi-billion dollar maritime market.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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