SRT Marine Systems PLC Project Update

TIDMSRT

SRT Marine Systems PLC

11 March 2019

SRT MARINE SYSTEMS PLC

(AIM: SRT)

("SRT" or the "Company")

Project Update

The Company is pleased to provide an update on the GBP31.0 million fisheries monitoring (VMS) system contract entered into in December 2018 with the fisheries department of The Philippine government (BFAR).

Delivery of the system commenced immediately upon signing of the contract in December last year and the Company is pleased to advise that the first payment milestone has been completed and the relevant payment made and received in full as expected. Further payment milestones will be completed over the course of the next 12 months as the system is built up to its full operating scale, followed by the ongoing supply of SRT's satellite data product (S-MDA), training and capacity building.

Simon Tucker, CEO of SRT said: "I am very pleased at the progress being made. This reflects the excellent working relationship now established between SRT and BFAR which is built on a common objective to build and operate this system as quickly as possible."

 
 Contacts: 
 SRT Marine Systems plc                                       www.srt-marine.com 
                                                            + 44 (0) 1761 409500 
 Simon Tucker (CEO)                                  simon.tucker@srt-marine.com 
 Louise Coates (Marketing Manager)                  louise.coates@srt-marine.com 
 finnCap Ltd 
 Marc Milmo / Anthony Adams (Corporate Finance)             +44 (0) 20 7220 0500 
 Tim Redfern / Richard Chambers (ECM)

About SRT Marine Systems plc:

SRT develops, manufactures and supplies maritime tracking technology and turn-key system solutions to marine stakeholders across the globe with a particular expertise in AIS. The Company's products and solutions are used by individual vessel owners, port authorities, maritime infrastructure owners, coast guards and national security agencies to enhance their maritime domain awareness. Applications include the tracking of commercial and leisure vessels; sustainable fishery; anti-collision; search and rescue; waterway management, port and coast security; pollution management; and environmental management.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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March 11, 2019 03:01 ET (07:01 GMT)

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