THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT
FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018 ("MAR"), AND IS DISCLOSED IN ACCORDANCE WITH
THE COMPANY'S OBLIGATIONS UNDER ARTICLE 17 OF
MAR.
SRT MARINE SYSTEMS PLC
(AIM: SRT)
("SRT" or the
"Company")
US$213 million Contract
Signed
SRT Marine Systems plc ('SRT'), a
global provider of maritime domain awareness systems and
technologies for security, safety and environmental protection is
pleased to advise that further to its recent announcement of an
award notification, on Wednesday 30th October 2024 it
signed a binding Contract with the Kuwait Ministry of Interior
worth US$213 million to deliver an integrated SRT maritime
surveillance system. Implementation commences
immediately.
The contract was signed at the
Kuwait Ministry of the Interior in Kuwait City, by His Excellency
Sheikh Fahad Yousef Al-Sabah, the First Deputy
Prime Minister, Minister of Defense, and Minister of
Interior, and Simon Tucker (SRT CEO) with Commodore
Sheikh Mubarak Ali Al-Sabah (Head of Kuwait Coast Guard)
and Her Excellency, Mrs Belinda Lewis (British Ambassador to
Kuwait) and other important dignitaries in attendance.
The contract is for a
state-of-the-art national maritime surveillance system for the
Kuwait Coast Guard and other relevant agencies. The system will
incorporate a broad range of sophisticated sensor systems, USV's,
Ai Analytics, augmented reality and integrated command &
control systems as well as new supporting civil infrastructure. The
contract forms a 12 year partnership with implementation expected
to take up to 2 years, followed by 10 years of support, training
and maintenance.
Simon Tucker, CEO of SRT Marine
Systems, commented:
"Winning this landmark contract is a
huge honour and achievement for SRT and reflects our many years of
technology and project delivery capacity investment. This system
will undoubtedly be amongst the most sophisticated maritime
surveillance system in the world, incorporating several significant
innovations along with full integration and digitisation of
surveillance and command and control which will provide a powerful
tool to enhance national security and maritime safety and
environment protection and sustainability. We look forward to
working with our new sovereign partner to deliver this contract and
more in the coming years."
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For
further information, please contact:
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SRT
Marine Systems plc
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www.srt-marine.com
+ 44 (0)
1761 409500
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Simon Tucker (CEO)
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simon.tucker@srt-marine.com
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Kevin Finn (Chairman)
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Kevin.finn@srt-marine.com
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Cavendish Capital Markets Limited (NOMAD &
Broker)
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Jonny Franklin-Adams / Teddy Whiley
(Corporate Finance)
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+44 (0) 20
7220 0500
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Tim Redfern / Ondraya Swanson
(Corporate Broking)
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Yellow Jersey PR
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Charles Goodwin / Annabelle
Wills
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+44 (0)774
7788 221
srt@yellowjerseypr.com
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About SRT Marine Systems plc:
SRT Marine Systems PLC is an
established leader in the growing global market for maritime domain
awareness. We provide technology driven solutions for coastal and
EEZ surveillance, fisheries management and monitoring and
navigation safety and efficiency. Our customers range from
government agencies such as Coast Guards, Fishery Authorities and
Ports & Waterway authorities to commercial and leisure vessel
owners.