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.