|
|  |
 |
Offshore Systems International Awarded New $4.8 Million Order by Canadian Department of National Defence -- Company's Second Largest Single Order to Date
Vancouver, Canada - December 4, 2001 - Offshore Systems International Ltd. (TSE: OSI), a marine electronic navigation company with a strong defense niche, announced today that it has been awarded an order by the Canadian Department of National Defence. The contract value to Offshore Systems is approximately $CDN 4.8 million ($US 3.2 million) and delivery is scheduled through into 2002. This represents the second largest, single order received to date by Offshore.
The order provides an upgrade to all existing Shipboard Integration Navigation Display Systems (SHINNADS) with the installation of the latest version of Offshore's proprietary Electronic Chart Precise Integrated Navigation System (ECPINS-M) software, entailing custom applications for Canadian Navy requirements. The order includes new ECPINS-M installations for the Victoria Class submarines, AOR Class Support Ships, Iroquois Class destroyers and Kingston Class maritime coastal defense vessels as well as upgrades for legacy systems previously installed on Halifax Class frigates. The order also includes a Navy-wide training license with provisions for installing the ECPINS-M software on Navy training systems and simulators throughout Canada.
John Jacobson, President and CEO of Offshore Systems, said: "The Canadian Navy has been a key customer of Offshore's since it took delivery of the first electronic chart in 1985. This latest order is a strong confirmation of our company's commitment to quality, service and customer satisfaction in highly demanding and critical applications. It follows the $CDN 5 million ($US 3.3 million) contract from the Royal Danish Navy that Offshore received this past August. It further reflects Offshore's developing leadership position in the naval electronic charting field, which offers the opportunities for even significantly larger orders in the future."
Offshore Systems International Ltd.
Founded in 1977, Offshore Systems designs, develops and markets the proprietary ECPINS® (Electronic Chart Precise Integrated Navigation System) line of electronic chart navigation systems for ships. ECPINS helps to reduce the risk of navigation-related incidents by giving bridge crews a precise, real-time display of their position, course and speed, against a background of fixed obstacles and other navigational hazards. Offshore Systems has developed a strong market position in military navigation, and has ECPINS® systems deployed with the United States Coast Guard, the Canadian Navy, the Royal Danish Navy and the United States Navy.
Forward-Looking Statements
This news release contains discussion of items that may constitute forward-looking statements within the meaning of securities laws including Section 27a of the Securities Act of 1933, as amended, and Section 21e of the Securities Exchange Act of 1934, as amended, with respect to achieving corporate objectives, developing additional project interests, OSI's analysis of opportunities in the acquisition and development of various project interests and other matters. These statements are made under the 'safe harbour' provisions of the Private Securities Litigation Reform Act of 1995 and, as such, involve known and unknown risks and uncertainties and other factors that may cause the actual results to be materially different from the results implied herein. Although Offshore Systems International believes the expectations reflected in such forward-look statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Factors that could cause actual results to differ from expectations include the effects of general economic conditions, changing foreign exchange rates, actions by government authorities, uncertainties associated with contract negotiations, industry supply.
|
|
 |
 |
Jane Hayward
Investor Relations |
|
|
| Phone: (613) 287-0462 |
 |
|
| Toll-Free: (888) 880-9797 |
|
|
|
| Send an email |
|
|
|
|
|
|
| |
|
|
|
|
