A North East Somerset-based maritime technology company has been awarded a contract worth US$213m to deliver one of its surveillance systems. SRT Marine, an AIM-listed firm based in Midsomer Norton, announced on Monday it had received the formal notification from an international government ministry.
The award is subject to completion of the formal contract and associated performance bond which is expected to be completed before the end of November.
The contract is for SRT to provide the country's national coast guard with a new state-of-the-art national maritime surveillance system that integrates numerous multi-sensor surveillance platforms - fixed and mobile - along with several integrated command centres located across the country. The contract includes the delivery of the system within two years, followed by a 10-year support and maintenance package.
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Simon Tucker, chief executive of SRT Marine Systems, said: “This is a large and hugely exciting new project with a new customer in a new country, and the second contract of this scale to convert from our validated sales pipeline in the last 18 months.
"This new SRT system will equip the customer with significant maritime surveillance and intelligence capabilities which will assist in ensuring the safety, security and sustainability of their marine domain. We are honoured to have this prestigious new customer."
In September, SRT agreed two deals in Asia worth US$4.6m with existing sovereign agency customers.
The news follows a difficult period for the company which said in June it was expecting to fall to a loss for the financial year after being hit by delays to contracts completing. The business told investors that slow administrative processes would result in lower-than-expected revenues - to around £14m - for the current year.