SRT Marine Systems PLC Contract award (3446J)
04 December 2018 - 6:01PM
UK Regulatory
TIDMSRT
RNS Number : 3446J
SRT Marine Systems PLC
04 December 2018
SRT MARINE SYSTEMS PLC
(AIM: SRT)
("SRT" or the "Company")
GBP31million VMS System Contract Award
SRT Marine Systems plc ('SRT'), a global provider of maritime
management, monitoring and surveillance systems announces that it
has been awarded a contract worth Philippine Peso (PHP) 2.096
billion (UKGBP31million at current exchange rates) by the Bureau of
Fisheries and Aquatic Resources (BFAR) of The Philippine Government
to supply a professional integrated Vessel Management System (VMS)
fisheries and environment monitoring system solution.
This is the same project which the company previously announced
had been cancelled and delayed due to a change of budget source
from a foreign loan to Philippine government cash funds. This
necessitated the retender of the project which SRT has won and is
now under contract to deliver and has today received the Notice to
Proceed.
The contract will be executed over a four-year period in two
main phases. Phase one is the supply and commissioning of all the
equipment and systems. This includes an extensive network of
monitoring sensors, data centres, monitoring centres, and 5,000
vessel transceivers and is expected to take up to 18 months to
complete. Phase two is the ongoing operational support and
continuous supply of satellite data sourced from a variety of
satellite constellations into the VMS system. Each phase itself is
divided up into multiple milestones each with variable timings
according to the project delivery schedule all with defined invoice
values upon delivery and acceptance by the customer.
The system will enable the relevant authorities to continuously
and efficiently track, monitor and manage the activities of fishing
vessels without range limitation and comply with international,
regional and national regulations. System functionality will
include enhanced detection of illegal, unregulated and unlicensed
fishing (IUUF), electronic fish catch reporting, auditing and
certification, license management, vessel ELOG system, and a range
of advanced analytic tools.
The SRT VMS system fuses large amounts of data from multiple
sensor systems such as AIS, radar, optical, IR, environmental and
sources - terrestrial and satellite - to create a high quality raw
data set in a dedicated data centre running our GeoVS-HUB(TM)
network and data management application located in country under
the full control of the end customer. This data is then mobilised
by operators using special work stations equipped with our
specialist GeoVS-VIEWER(TM) application which enables them to
display vessel positions, behaviour and status characteristics as
well as undertake powerful analysis of the system data, both in
real time and historical, to generate alerts and reports that
enable effective decision making, coupled with command and control
functionality to ensure enforcement.
Simon Tucker, CEO of SRT Marine Systems, commented:
"This is will be one of the world's most sophisticated and
largest VMS fisheries systems. We commend The Philippines for
taking this bold initiative to control and monitor their fishing
fleets in the national interest and are delighted to have been
selected as their supplier. We believe that our unique localised
system architecture which gives full control over all systems to
the customer in country, combined with proven performance,
integrated functionality and low long term operating costs, coupled
with SRT's experience in large scale vessel tracking and
identification system deployment were a defining advantage. The
system we are providing under this contract will provide BFAR with
a future proof platform which can be further expanded from the
initial requirement of 5,000 of their largest vessels to include
their tens of thousands of medium and small fishing boats, as well
as seamless integration with other relevant maritime authorities.
We look forward to building a deep and enduring partnership with
our new customer and further expanding on this system in the years
ahead."
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014.
For further information, please contact:
SRT Marine Systems plc www.srt-marine.com
+ 44 (0) 1761 409500
Simon Tucker (CEO) simon.tucker@srt-marine.com
Louise Coates (Marketing Manager) louise.coates@srt-marine.com
finnCap Ltd
Jonny Franklin-Adams / Anthony Adams (Corporate
Finance) +44 (0) 20 7220 0500
Tim Redfern / Richard Chambers (Corporate
Broking)
About SRT Marine Systems plc:
SRT develops, manufactures and supplies maritime vessel tracking
technology and turn-key system solutions to marine stakeholders
across the globe with a particular expertise in AIS. 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.
This information is provided by RNS, the news service of the
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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