SRT Marine Systems PLC (LSE:SRT) saw its shares surge almost 20% higher after the company announced it has signed a US$180mln (£145mln) contract with a national Coast Guard.
The provider of maritime domain awareness (MDA) systems and technologies for security, safety and environmental protection said the contract, which was first announced on 23 March 2023, is for an integrated maritime surveillance and intelligence system.
The project will take around two years to implement, which accounts for 85% of the contract value. It will then be followed by eight years of support and data services, accounting for the remaining 15%.
Simon Tucker, CEO of SRT Marine Systems, commented: "The SRT-MDA System will enable our customer with exceptional, fully autonomous strategic and tactical maritime surveillance and intelligence that places it amongst the leaders globally in this capability area.
“We expect them to reap numerous benefits that include environment protection, improved safety, security and prevention of illegal fishing, all achieved with a high level of efficiency and effectiveness resulting from the system. We look forward to a long relationship with our expectation of this being just the first of many contracts in the years and decades to come."
SRT shares soared 19.57% higher to 55p.