- SRT Marine Systems
- 04 March 2026 14:37:18
Source: Sharecast
The firm said the agreement covered the delivery of its SRT-MDA system, which integrates multiple sensors, data sources and operational workflows to provide continuous maritime situational awareness for intelligence-led operations, maritime safety and law enforcement.
It said the system is modular and designed to scale over time as the customer expands its surveillance capabilities.
SRT previously announced in September that it had received notification of the contract award and expected the final value to be around $200m.
The company said the formal project contract had now been signed with a final value of $261m following a ceremony attended by representatives from the customer, the UK government, UK Export Finance and SRT.
Implementation of the project would begin once a UK Export Finance-supported project finance package was completed, with work on that process now underway.
“We are delighted to welcome this new customer to our Sovereign Partnership Program and look forward to executing on this first $261m contract, while working with them over the long term to build up their surveillance capabilities,” said chief executive Simon Tucker.
“Our SRT-MDA System will provide continuous maritime domain situational awareness by integrating multiple sensors, data and operational workflows to support intelligence-led operations, maritime safety and law enforcement.”
The company also noted that it continues to progress other projects across Asia and the Middle East despite heightened geopolitical tensions in the region, which it said have underlined the importance of sovereign nations maintaining independent civil defence and surveillance capabilities.
Following the latest contract signing, SRT said it had £340m of active projects currently under implementation, with the $261m agreement now signed and awaiting commencement.
The company added that its new contract prospects pipeline was valued at up to £1.8bn, reflecting rising global demand for national-scale maritime domain awareness systems.
At 1359 GMT, shares in SRT Marine Systems were up 14.16% at 87.9p.
Reporting by Josh White for Sharecast.com.