SRT Marine Systems PLC OCEAN-SCAN Satellite System (6389R)
September 25 2017 - 1:01AM
UK Regulatory
TIDMSRT
RNS Number : 6389R
SRT Marine Systems PLC
25 September 2017
SRT MARINE SYSTEMS PLC
(AIM: SRT)
("SRT" or the "Company")
OCEAN-SCAN Satellite System
SRT Marine Systems plc, the provider of maritime tracking,
management and surveillance technologies, products and integrated
system solutions for ports, waterways, fisheries and coast guards,
announces that it will build and launch its own maritime monitoring
satellite constellation, called OCEAN-SCAN, which will provide
enhanced global vessel detection and tracking and a new recurring
revenue source from maritime domain awareness (MDA) system project
customers.
The OCEAN-SCAN system will initially comprise six low earth
orbiting (LEO) satellites, operating in a combination of equatorial
and polar orbits to provide global coverage, but with enhanced
coverage of the equatorial and border regions due to the location
of most current MDA system project opportunities. It is expected
that additional satellites will be added in the future. OCEAN-SCAN
is expected to be fully operational in 2019. The satellites will
enable SRT to sell long range vessel detection and tracking data to
SRT MDA system customers and generate recurring revenue for
SRT.
Innovations in the satellite industry over the last decade have
resulted in the development of small, low cost single purpose
satellite system solutions which provide a proven and low cost
turn-key platform into which sensor systems can be integrated. One
of the leaders in this field is Clyde Space in Edinburgh and the
Company has entered an initial agreement with Clyde Space who have
a proven micro-satellite platform solution that is ideal for this
application and can be utilised to quickly, reliably and cost
effectively deliver the OCEAN-SCAN system within the required
timescale.
The OCEAN-SCAN system will host a combination of sensor
technologies, including Automatic Identification System (AIS), to
enable accurate and reliable tracking of all types and sizes of
vessels, with or without an identification transceiver. This fusion
of multiple sensor technologies on individual satellites is not
found in the same combination on existing systems and will enable
accurate real time detection of illegal maritime activity as well
as long range reliable tracking of even the smallest fishing
boat.
OCEAN-SCAN will benefit from new technologies with greater
capabilities along with system architecture innovations that enable
the delivery of higher quality data directly into the customer's
existing SRT MDA monitoring system solution in real time. This will
enable the seamless monitoring of vessels operating in maritime
regions not covered by their terrestrial sensor systems.
Simon Tucker, CEO of SRT Marine Systems, commented:
"This is a natural and major strategic initiative for SRT that
will deliver significant benefits for authorities seeking to secure
and manage their maritime domain, as well as a new and recurring
revenue stream for SRT through the sale of data to our system
project customers. OCEAN-SCAN is fully funded via forecasted
trading cash flow and further supported by our new working capital
facility. Subject to the usual risks associated with launching
satellites, we expect OCEAN-SCAN to be fully operational before the
end of 2019. The new technologies and innovative system
architecture of the OCEAN-SCAN satellite system, combined with our
SAT-Trak vessel transceiver technology, and GeoVS intelligent
monitoring and analytics system will deliver an unmatched level of
fully integrated vessel tracking, identification and management
capability to our customers."
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014.
For further information, please
contact:
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
Jonny Franklin-Adams / Simon +44 (0) 20 7220
Hicks (Corporate Finance) 0500
Emily Morris / Camille Gochez
(Corporate Broking)
About SRT Marine Systems plc:
SRT develops, manufactures and supplies maritime vessel 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.
About Clyde Space:
Clyde Space is an award winning and leading manufacturer and
service provider for cutting-edge small satellite solutions, with a
reputation for quality and innovation. The Clyde Space approach to
designing and building spacecraft systems is enabling a new
generation of spacecraft for commercial, civil and military
applications, and is pushing the boundaries in what is possible
with small spacecraft, particularly in the area of CubeSats. With
over 12 years of industry leadership in small satellite design and
manufacture, Clyde Space have a well developed a highly
manufacturable, resilient satellite solution, resulting in Glasgow
now producing more spacecraft per year than any other European
city. Clyde Space were recently awarded the Queen's Award for
Enterprise: Innovation.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCKZLFLDKFZBBB
(END) Dow Jones Newswires
September 25, 2017 02:01 ET (06:01 GMT)
Srt Marine Systems (LSE:SRT)
Historical Stock Chart
From Apr 2024 to May 2024
Srt Marine Systems (LSE:SRT)
Historical Stock Chart
From May 2023 to May 2024