UK Export Finance (UKEF) has facilitated Somerset-based SRT Marine Systems in securing two significant international contracts worth approximately €350 million to supply advanced AI-driven maritime surveillance systems to Indonesia and Kuwait.
This government-backed initiative is set to create up to 50 high-skilled jobs in the UK, boosting local employment and supporting the tech sector.
Boosting Local Employment and Innovation
The recent announcement by UK Export Finance (UKEF) underscores the UK government’s commitment to fostering high-tech export businesses, directly benefiting the national economy.
By supporting companies like SRT Marine Systems, headquartered in Midsomer Norton, Somerset, UKEF is not only creating skilled jobs but also enhancing the UK’s position in the global advanced technology sector.
This initiative is expected to generate up to 50 new high-skilled positions in software development, AI, digital visualization, and electrical engineering.
Such opportunities are crucial for professionals seeking careers in defense and surveillance exports. The ripple effect of these contracts will also benefit UK suppliers by generating millions of pounds in contracts.
Global Maritime Security Enhancement
SRT Marine Systems’ contracts with Indonesia and Kuwait involve delivering integrated maritime surveillance systems that combine terrestrial, mobile, and satellite data. These systems aim to enhance maritime security across both nations’ coastlines.
The Indonesian contract includes a €157.9 million buyer credit export financing package for building a National Maritime Security System over ten years.
This technological advancement not only strengthens global security but also indirectly contributes to stabilizing trade routes vital for the UK’s national interests.
The dual-use nature of this technology supports environmental sustainability by monitoring marine environments and illegal fishing activities.
Opportunities for Growth
- SRT Marine Systems has secured €350 million worth of international contracts.
- The initiative will create up to 50 new high-skilled jobs in Somerset.
- Major banks like Barclays and Banco Santander are collaborating with UKEF on these deals.
- The Indonesian contract includes a €157.9 million financing package over ten years.
- SRT’s technology integrates terrestrial, mobile, and satellite data sources into an AI-powered system.
Public-Private Partnership Success
The collaboration between major UK banks such as Barclays and Banco Santander with UKEF highlights a strong public-private partnership model that enables complex international deals.
This synergy provides British exporters like SRT Marine Systems with the flexibility needed to pursue growth opportunities globally while ensuring financial stability through government-backed support.
“The UK has huge exporting potential,”
said Gareth Thomas, Minister for Exports at the UK Government.
“Deals like these demonstrate how our Plan for Change supports businesses breaking into major new markets.”
“Banco Santander is proud to have supported this important maritime security infrastructure project,” stated Patrick McAweeney from Banco Santander.
“This transaction highlights our commitment to enabling innovative exporters expand internationally.”
James Guthrie, Head of UK Mid-Corporate Trade at Barclays, added,
“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.”
Additional Reading
To Sum Up
This strategic move by UKEF not only bolsters local employment but also enhances Britain’s standing as a leader in advanced maritime security technology on a global scale.
As these systems are implemented abroad, they contribute significantly towards safeguarding international waters while simultaneously promoting economic growth within the United Kingdom itself.
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Sources: UK Government, The Armchair Trader, UK Export Finance and Gareth Thomas MP.
Prepared by Ivan Alexander Golden, Founder of THX News™, an independent news organization delivering timely insights from global official sources. Combines AI-analyzed research with human-edited accuracy and context.
