SRT Marine, a maritime technology leader, has secured £31 million in funding.
- This infusion of capital originates from Ocean Infinity, an existing US shareholder.
- The funding will assist SRT Marine in delivering a £213 million contract.
- Three new contracts, collectively valued at $210 million, are set to commence.
- Ocean Infinity’s CEO joins SRT Marine’s board, enhancing collaborative efforts.
SRT Marine Systems, a prominent player in the maritime technology sector based in Midsomer Norton, Somerset, has successfully secured a substantial £31 million financing package. This vital funding, obtained from its existing US shareholder, robotics firm Ocean Infinity, is poised to facilitate the execution of a high-value contract worth £213 million, scheduled to begin imminently.
The acquired funds, comprising both equity and bridging finance, are set to propel the company into the delivery of three additional maritime contracts, cumulatively valued at $210 million. Ocean Infinity’s involvement in this financial initiative is further strengthened by their CEO, Oliver Plunkett, joining the board of SRT Marine, a strategic move expected to bolster collaborative ventures between the two entities.
Simon Tucker, the chief executive of SRT Marine Systems, expressed confidence in the transformative potential of this financing arrangement. He highlighted its role in accelerating SRT Marine’s financial performance through the simultaneous execution of over $400 million in contracts, while also expanding their capacity to tap into a burgeoning $1.5 billion pipeline of industry opportunities.
Oliver Plunkett from Ocean Infinity emphasised the strategic foresight in their equity contribution to SRT Marine, underscoring the mutually beneficial relationship that aligns with their long-term market strategies. He pointed out that the recent contract awarded to SRT Marine, with Ocean Infinity playing a pivotal supporting role, exemplifies the kind of collaborative opportunities envisioned when they initially invested in the maritime firm.
In recent developments, SRT Marine successfully secured two contracts in Asia valued at $4.6 million with sovereign agency customers. These contracts, located in countries with extensive maritime operations, are expected to pave the way for future agreements as their systems scale up. Discussions are currently underway to explore further contract opportunities, amplifying SRT Marine’s market reach and influence.
SRT Marine’s recent financial boost and strategic collaborations position it for significant growth within the maritime technology landscape.
