SRT Project Update 11th March 2019

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The Company is pleased to provide an update on the £31.0 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.”