Shares of SRT Marine Systems PLC (LSE:SRT) rose by 10% following the announcement of two new contracts with existing sovereign agency customers in Asia, valued at $4.6 million over the next 12 months.
The agreement, which extends SRT's ongoing work in the region, focuses on the maintenance and support of SRT-MDA systems, including service provisions and system refinements.
These customers, both from large countries with complex maritime domains, are in the early stages of enhancing their maritime surveillance and management capabilities.
SRT expects further contracts as these nations continue to expand their digital maritime systems, with discussions already underway for future projects.
In early trading, the stock was up 2.45p at 27.95p.