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Government backed multi-million-pound deal supports further growth, including up to 50 new high-tech UK jobs at SRT Marine Systems
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Export contracts to strengthen maritime security, navigation safety and environmental sustainability in critical marine areas in South East Asia and the Middle East.
UK Export Finance (UKEF), the government’s export credit agency, has provided crucial support to SRT Marine Systems, enabling it to secure two major international contracts worth approximately €350 million, delivering its advanced maritime surveillance system to coastguards in Indonesia and Kuwait.
Headquartered in Midsomer Norton, Somerset, SRT Marine Systems specialises in advanced surveillance technology. The firm has established itself as a leader in the new generation of artificial intelligence (AI)-driven integrated maritime surveillance systems for sovereign entities such as coast guards and other national maritime agencies, with these new contracts further cementing the UK’s reputation for cutting-edge marine technology exports.
Following UKEF’s export credit backing on the Indonesian and Kuwait projects, the Somerset tech firm expects to accelerate the expansion of its operations and create up to 50 additional high-skilled UK jobs in software development, AI, digital visualisation and electrical engineering. These projects will also facilitate millions of pounds in contracts to an array of UK suppliers.
Gareth Thomas, Minister for Exports, said
The UK has huge exporting potential and deals like these demonstrate how the government’s Plan for Change is supporting businesses to break through into major new markets.
Through our Trade Strategy, we are removing barriers for exporters to unleash their full potential. This takes the Best of British innovation abroad whilst creating skilled jobs and growth at home.
The largest tranche of UKEF’s support was a comprehensive buyer credit export financing package worth €157.9 million, which will enable SRT Marine Systems to deliver its SRT-MDA System national integrated maritime surveillance system solution to the Indonesian Coast Guard to create what will be known in Indonesia as their National Maritime Security System (NMSS).
A 10-year operation, NMSS will be implemented and operationalised over a two-year period followed by an eight-year support and maintenance programme. The system combines terrestrial, mobile and satellite surveillance sources within a single AI-powered system that integrates and digitises coast guard command posts at 50 locations across Indonesia. It will provide Indonesia with a new and significant maritime surveillance and intelligence capability that is able to detect, predict, track and manage a wide variety of events from illegal fishing to smuggling, piracy and marine environment protection.
Kevin Finn, Chairman at SRT Marine Systems, said
It’s often said that we know more about the moon than the ocean. Over ten years ago we set out to develop a system that would solve that problem for nation states. The result is the SRT-MDA System that delivers a completely new level of marine domain insight, intelligence and operational command and control. This has entailed massive investment in new and innovative technology and has resulted in the creation of over 100 high-tech jobs in the UK with more to come.
Countries around the world used to having national integrated ATC systems are now wanting to replicate that in the busier and more complex marine domains where most face an array of complex issues. The establishment of such systems starts with a simple strategic decision, but requires a long term sustained program to build up and maintain a system and along with it significant operational commitment and investment. Sovereigns want to know they are committing to the right entity that can walk alongside them for years if not decades in the future to build up their systems and capabilities.
UKEF worked closely with us to understand the challenges we faced with each project and provided robust solutions thus enabling these landmark projects to progress. Thus, bringing further growth within the UK but also enabling countries to benefit from this new technology. We are grateful for their support and look forward to continuing this partnership into the future as these systems are expanded and adopted in other countries.
UKEF’s support for the Indonesian project combines Buyer Credit finance of €116 million and direct lending of €41.5 million, with Banco Santander, S.A., serving as the sole mandated lead arranger and lender.
Patrick McAweeney, Head of Export & Agency Finance UK, Banco Santander, S.A., said
Banco Santander is proud to have supported the financing of this important maritime security infrastructure project in Indonesia and SRT Marine Systems, a growing exporter in advanced surveillance technology. This transaction highlights our dual commitment to enabling innovative exporters to expand internationally and contributing to global security and resilience.
UKEF has also provided a General Export Facility guarantee worth £24 million to support both the Indonesia deal and a marine surveillance project for Kuwait’s coastguard operations. Backed by UKEF’s guarantee, Barclays was able to issue the contract bonds and release working capital for SRT to fund the delivery of the project.
James Guthrie, Head of UK Mid-Corporate Trade at Barclays, said
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. It’s also fantastic to see 50 high-skilled UK jobs being created to support the delivery of these contracts.
By working closely with UKEF, we were able to provide a solution that gives SRT Marine the flexibility and confidence to deliver on these contracts and pursue further growth opportunities in the markets they serve. It’s a great example of how strong collaboration between lenders and government-backed finance can unlock global opportunities for ambitious British exporters.
This announcement forms part of the government’s Plan for Change to kickstart economic growth and raise living standards across the United Kingdom by supporting businesses to export and grow through its Industrial Strategy.
The news follows the recent publication of UKEF’s annual report & accounts for 2024/25.
Over the last financial year, UKEF provided a record £14.5 billion in new financing, helping over 667 UK companies to export and grow and has supported up to 70,000 jobs.
