SRT Marine Systems PLC (LSE:SRT) shares gained around 14% in Wednesday's trading, rising 11p to 88p, after announcing it had signed a US$261 million maritime surveillance contract with a new sovereign customer.
The deal value was beyond earlier expectations, the AIM-quoted firm said, whilst highlighting that it adds another large programme to its pipeline of national maritime domain awareness projects.
It covers the delivery of a national SRT-MDA System, which combines multiple sensors and data streams to provide continuous maritime situational awareness and support intelligence-led maritime security and law-enforcement operations.
Chief executive Simon Tucker said the contract brings a new customer into SRT’s “Partnership Program”.
And the company said it now has around £340 million of active projects under implementation, alongside the newly signed US$261 million contract pending commencement and a prospects pipeline valued at up to £1.8 billion.