SRT Marine Systems plc has replaced the contract guarantee provided by Ocean Infinity in October 2024 with one provided by its corporate bankers, Barclays supported by UK Export Finance (“UKEF”).

In October 2024, as part of a broader financing package, Ocean Infinity provided a $21.4m guarantee to provide an immediate contract guarantee for a new $213m contract in the Middle East. A condition of the guarantee was that if it was not replaced within 8 months (end of June 2025) 4.0 million warrants would be issued each month to Ocean Infinity. The replacement of the Ocean Infinity provided guarantee means that this financing is now fully settled, and no further warrants will be issued.

Richard Hurd, CFO of SRT Marine Systems, commented:

“I am delighted to complete this guarantee replacement which has been enabled by a combination of our improving balance sheet and the support of our bankers and UKEF.”

In the interview below, CEO Simon Tucker outlines SRT’s business and growth plans, as well as an overview of their market