SRT Marine Systems PLC (LSE:SRT) shares rose 7% on Wednesday after the company announced the completion and sign-off of Phase 1 of a substantial national coast guard maritime surveillance system contract.
The project, worth a total of £40mln and announced in January 2022, is for the delivery of the first stage of a planned national maritime surveillance system which will be built up in a series of contracts over several years.
The first phase of the project was completed in March 2023, and following extensive testing was formally signed off as complete this week, along with final revenue milestones and their invoices. The contract now moves on to the next two phases, worth a total of £24mln (inc taxes), which are expected to start in the summer.
The SRT-MDA System's advanced Dynamic-Ai enables it to automatically detect and alert the Coast Guard to illegal maritime activities such as smuggling, unlicensed fishing, maritime border incursions, and potential threats to critical infrastructure such as undersea pipelines.
In a statement, Simon Tucker, CEO of SRT Marine Systems, commented: "Such projects of national scale are highly challenging and complex, and the successful completion of this first phase to such a demanding customer is a testament to the SRT-MDA System product and the capabilities of our teams. We now move on to deliver the next phases of this important project."
Around 8.45am, SRT Marine shares were 7.1% higher at 45p.