t
SRT Marine Systems PLC (SRT) completed the replacement of a $21.4 million contract guarantee on 09 June 2025. The new guarantee is provided by Barclays, supported by UK Export Finance (UKEF), replacing one provided by Ocean Infinity in October 2024 for a $213 million Middle East contract. This replacement settles the condition that 4.0 million warrants would be issued monthly to Ocean Infinity if the guarantee was not replaced by the end of June 2025, meaning no further warrants will be issued.
| Date | 9 Jun 2025 |
| Time | 07:00:08 |
| Category | Miscellaneous |
| ID | 9706L |
SRT MARINE SYSTEMS PLC
(AIM: SRT)
("SRT" or the "Company")
CONTRACT GUARANTEE REPLACEMENT COMPLETED
SRT Marine Systems plc ('SRT'), a global provider of maritime domain awareness systems and technologies for security, safety and environmental protection is pleased to advise that it has replaced the contract guarantee provided by Ocean Infinity in October 2024 with one provided by its corporate bankers, Barclays supported by UK Export Finance ("UKEF").
In October 2024, as part of a broader financing package, Ocean Infinity provided a $21.4m guarantee to provide an immediate contract guarantee for a new $213m contract in the Middle East. A condition of the guarantee was that if it was not replaced within 8 months (end of June 2025) 4.0 million warrants would be issued each month to Ocean Infinity. The replacement of the Ocean Infinity provided guarantee means that this financing is now fully settled, and no further warrants will be issued.
Richard Hurd, CFO of SRT Marine Systems, commented:
"I am delighted to complete this guarantee replacement which has been enabled by a combination of our improving balance sheet and the support of our bankers and UKEF."
|
For further information, please contact: |
|||
|
SRT Marine Systems plc |
+ 44 (0) 1761 409500 |
||
|
Simon Tucker (CEO) |
|||
|
Kevin Finn (Chairman) |
|||
|
Cavendish Capital Markets Limited (NOMAD & Broker) |
|||
|
Jonny Franklin-Adams / Teddy Whiley / Finn Gordon (Corporate Finance) |
+44 (0) 20 7220 0500 |
||
|
Tim Redfern (Corporate Broking) |
|||
|
Yellow Jersey PR |
|||
|
Charles Goodwin / Annabelle Wills |
+44 (0)774 7788 221 |
||
|
|
|
|
|
About SRT Marine Systems plc:
SRT Marine Systems PLC is an established leader in the growing global market for maritime domain awareness. We provide technology driven solutions for coastal and EEZ surveillance, fisheries management and monitoring and navigation safety and efficiency. Our customers range from government agencies such as Coast Guards, Fishery Authorities and Ports & Waterway authorities to commercial and leisure vessel owners.