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SRT Marine Systems PLC has restarted its fisheries management system project in the Philippines

Phil fisheries PixabayPhilippines is boosting its fisheries secgtor as a large number of population depends on aquaculture in the country. (Image source: Quang Nguyen vinh/Pixabay)

The company has received a major cash payment and a revised project plan has been agreed, stated the company to the investors.

According to SRT Marine Systems, the revised project plan agreed with the customer seeks to accelerate implementation to make up for as much of the time lost due to the five month pause as is logistically possible.

Additionally, the company has recommenced the final contract negotiations in the Middle East and it is subject to completion of the respective internal processes. These are expected to conclude soon with the projects commencing in the coming months.

“The recommencement of our fisheries monitoring system project in the Philippines and discussions in Middle East and elsewhere demonstrates the strength of underlying demand for maritime surveillance and monitoring systems, in addition to the solid performance of our transceivers business which is trading two per cent ahead of last year despite the global COVID-19 lockdown,” Simon Tucker, CEO of SRT, said.

Tucker added, “The last few months have been a challenge for everyone around the world. SRT moved decisively at the beginning of the COVID-19 restrictions to ensure that SRT had sufficient cash to ride out a prolonged stagnation and ensure that our pace of product development and customer engagement continued. We have achieved this with some considerable success and I would like to thank our staff and shareholders for their support.”