News Release   December 06 2001 BlueFire Research Initiates Equity Research Coverage on Offshore Systems International with an 'Attractive' Rating Vancouver, Canada - December 6, 2001 - BlueFire Research, an SEC registered investment advisor based in Minneapolis and in New York, has initiated equity research coverage on Offshore Systems International Ltd. (symbol: OSI), a marine electronic navigation company with a strong defense niche, with an "attractive" buy rating for speculative investors. BlueFire Research, in an initial report on Offshore Systems, forecasts "significant revenue growth" for the company in its fiscal 2002 year, driven by new orders for Offshore's proprietary software technology. This, in turn, presents "the opportunity for significant appreciation over the next 12 months" for Offshore's share valuation, according to BlueFire Research's investment analysis. The report can be viewed and downloaded from the website: www.bluefireresearch.com. BlueFire Research BlueFire Research is a SEC-registered investment adviser providing fundamental equity research coverage on emerging small- and mid-cap companies. BlueFire Research reports are made available to over 2000 investment firms, representing about 30,000 portfolio managers and buy-side analysts, through Thomson Financial/First Call® Research Direct. BlueFire Research is an affiliate of BlueFire Partners, a boutique capital markets firm that receives a fee from Offshore Systems for advisory services; however, no fees are paid to BlueFire Research for its independent research coverage. 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.   For more information contact: Jane Hayward Investor Relations +1 613 287 0462 or +1 888 880 9797 +1 613 287 0466 (FAX) invest@osigeospatial.com