Maritime surveillance technology firm SRT Marine Systems has won an £80 million contract to provide Indonesia with a new national maritime surveillance system (NMSS). The deal, financed with support from Banco santander and guaranteed by UK Export Finance (UKEF), will significantly ⁣enhance Indonesia’s coastal security capabilities.

The project encompasses‍ the supply,delivery,installation,and commissioning of the NMSS. SRT Marine Systems will also provide thorough support and‍ maintenance ‍for the system over an eight-year period following the initial two-year implementation phase. ‍ This long-term commitment underscores the strategic importance of the partnership.

Financial Backing and UK Government Support

Banco Santander played ⁢a crucial role in facilitating the deal, providing financing to SRT Marine Systems. Patrick McAweeney,⁢ Santander’s head of export and agency finance ⁢UK, emphasized⁣ the deal’s contribution to both international trade and global security. Banco Santander is proud to ‍have supported the financing of this crucial maritime security infrastructure project in Indonesia and SRT Marine Systems, a growing exporter in advanced surveillance technology, McAweeney stated.

In addition to Santander’s financing, SRT Marine Systems‍ secured⁢ a £24 million guarantee under UKEF’s General Export Facility (GEF) programme. This guarantee covers both the Indonesian project and⁤ a separate⁤ contract with the Kuwait coastguard, demonstrating UKEF’s confidence in ⁢SRT’s capabilities and the ⁣demand for its technology.⁢ UKEF provides guarantees and insurance to help UK ⁤companies export.

Barclays also contributed to the project⁤ by ‍issuing contract bonds⁤ and⁢ releasing working capital to⁣ support the delivery of both contracts.⁤ James Guthrie, Barclays’ head of UK mid-corporate trade, highlighted the significance of the contracts for SRT Marine Systems.we’re proud to have supported SRT Marine in securing two⁢ major international contracts. These represent⁢ a⁢ key milestone for⁣ SRT, further strengthening its support to maritime security across key trade routes, Guthrie said.

Economic Impact and Job Creation

The deals are projected to generate 50 high-skilled jobs within SRT⁣ Marine Systems and its UK supply chain. ⁣ ⁤Moreover,UKEF estimates that the projects will facilitate “millions of pounds in contracts” for a ⁣wide range of UK suppliers. This demonstrates the positive ripple effect of international trade and⁢ the benefits of government support for exporters.