Coda Octopus Group said it recently signed a contract with an immediate value of $2.59 million with the Department of Defense (DoD) Technical Support Working Group (TSWG) to build and deliver next- generation Underwater Inspection Systems for the US Coast Guard and other potential users, to enable rapid underwater searches in the nations ports and waterways. If fully funded, the contract could expand to a total of $8.27 million.
Under terms of the contract, Coda Octopus has agreed to deliver three Underwater Inspection Systems (UIS) over the next six months. The contract includes additional options which, if fully funded, would require the company to deliver a further seven UIS systems, and to develop a number of significant enhancements to the current system.
These could include next-generation software to allow port authorities to automatically determine if something important has changed from one underwater search to the next, being able to detect any underwater IEDs or hazardous devices that have been placed in critical areas overnight or between searches.
Jason Reid, Coda Octopus President and CEO, commented that, "The decision of the TSWG to fund the purchase of a number of UIS systems, and to agree to a roadmap for their future development and deployment, is tremendous news both for Coda Octopus' shareholders and for those of us who are genuinely concerned about port security and underwater terrorism prevention.
We have enjoyed an excellent relationship with the Office of Naval Research and their partner the U.S. Coast Guard for the last several years, and have every reason to look forward to a long and continuing relationship with the U.S. Coast Guard, the Navy, and with other government agencies involved in the fight against terrorism
