UKEF backs SRT Marine for €350m international contracts

UK Export Finance has provided support enabling SRT Marine Systems to secure two international contracts worth approximately €350 million.

• Main announcement / support details: UKEF provided export credit backing that enabled SRT to win contracts to deliver its SRT-MDA System to the Indonesian Coast Guard and a marine surveillance project for Kuwait’s coastguard operations, collectively worth ≈€350 million. The largest tranche was a €157.9 million buyer credit package for Indonesia; UKEF’s support for Indonesia specifically combines €116 million Buyer Credit + €41.5 million direct lending (Banco Santander as sole mandated lead arranger/lender). A separate £24 million General Export Facility guarantee backed both deals, enabling Barclays to issue contract bonds and release working capital.

• Project timelines, implementation and UK impact: The Indonesian National Maritime Security System (NMSS) is a 10-year programme to be implemented over 2 years followed by an 8-year support and maintenance period; it will integrate surveillance at 50 coast guard command posts across Indonesia using terrestrial, mobile and satellite feeds in an AI-powered system. SRT expects to create up to 50 additional high-skilled UK jobs (software, AI, digital visualisation, electrical engineering) and the contracts will generate further UK supplier contracts. UKEF, Banco Santander and Barclays each provided specific financing/guarantee roles to enable contract delivery.