Somerset-based SRT Marine Systems has struck two significant deals in Asia, securing contracts worth a combined £3.6m over the next year. The company, headquartered in Midsomer Norton, is a specialist in maritime surveillance technology and has signed follow-up agreements with existing customers in two large Asian countries. These customers are governmental maritime agencies responsible for managing extensive and complex maritime territories.
As part of these agreements, SRT Marine Systems will provide a range of services, including ongoing support, data provision, and system maintenance. One of the contracts also includes updates to existing system functionalities. These services are integral to the digitisation efforts of these nations, which are increasingly relying on advanced technology for surveillance, monitoring, and management of their maritime domains.
Simon Tucker, chief executive of SRT Marine Systems, commented on the contracts: “Almost every SRT-MDA System customer we have is at the beginning of a journey to build and operate national-scale capabilities. This is a process we expect to take decades, involving multiple system expansions and upgrades.” He emphasised that the systems SRT provides are critical to the customers’ operations, which will require long-term support and data services that will expand as the systems scale.
Tucker also noted that while the systems are owned and controlled by the customers, SRT’s ongoing involvement will be crucial for maintaining their efficiency and effectiveness. As these systems grow, SRT expects to secure additional contracts to enhance their functionality and provide necessary data and support services.
This latest deal follows a challenging period for SRT. In June, the company warned shareholders of an expected financial loss for the current year, citing delays in completing contracts due to slow administrative processes. The delays were forecast to reduce expected revenue to around £14m for the financial year. However, these recent agreements provide a positive outlook for the future, with more potential contracts likely as the systems in these countries expand.
SRT Marine Systems, listed on AIM, has built a reputation as a leading provider of cutting-edge maritime surveillance technology. The firm’s systems are used by sovereign agencies worldwide to manage national maritime security, tracking, and operational management.
As maritime territories grow more complex, and the demand for digital solutions to monitor them increases, SRT is well-positioned to continue expanding its influence in the sector. These new contracts in Asia reflect the company’s global reach and its vital role in supporting maritime safety and security through advanced technology.
