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Offshore Systems International secures CDN$800,000 contract for Royal New Zealand Navy’s new shipbuilding program
Vancouver, Canada -- Offshore Systems International Ltd. (TSX: OSI/ OTCBB: OFSYF) announced today its Navigation Systems business has been awarded a CDN$800,000 contract for the Royal New Zealand Navy’s Project Protector naval shipbuilding program. Tenix Defence Pty Ltd. is prime contractor for the construction of seven new ships.
The new $800,000 contract is to supply and install ECPINS® 4000 (Electronic Chart Precise Integrated Navigation System) on all seven new ships. ECPINS® 4000 is a commercial-grade Type Approved ECDIS (Electronic Chart Display Information System), a navigation system certified compliant to International Maritime Organization standards. The systems will be delivered in August 2005 with installation beginning in early 2006. Installations are scheduled to match the construction dates of four Inshore Patrol Vessels, one Multi-Role Vessel, and two Offshore Patrol Vessels.
“We are very pleased to continue our strong relationship with the Royal New Zealand Navy,” said John Jacobson, OSI President and CEO. “Our ECPINS® system is currently being installed on a fleet basis for the Navy, and having our role expanded to include the new shipbuilding program is very gratifying.”
Jacobson said that the contract win with the Royal New Zealand Navy is an excellent example of how its status as fleet supplier for navigation systems puts OSI in a strong position to secure additional orders for new systems from its existing customers.
“Our goal is to be the supplier of choice for our customers’ electronic chart navigation systems needs,” said Jacobson. “OSI’s wide-ranging product line and development capabilities are attractive to customers procuring for the first time, as well as for those who have already procured and are upgrading to more advanced functions, or transitioning to electronic chart navigation systems in other areas of their naval operations.”
About Tenix Defence Pty Ltd.
Tenix Defence is Australia’s largest defence contractor with core capabilities in aerospace, land, marine and electronic systems applications. It is a world-class project, product and services organization serving defence markets in Australia, New Zealand, the South Pacific and South-East Asia.
About Offshore Systems International Ltd.
Offshore Systems International Ltd. (OSI) is the pioneer in geo-spatial intelligence and the world leading fleet supplier of electronic chart systems and software for navigation and situational awareness in NATO and allied markets. The Company’s core competency is electronic geography and the production, management and display of many forms of geographic data. The Company provides display systems and data for several defence, government and commercial customers, and conducts its operations through three business units: OSI Navigation Systems (moving map display systems and software), OSI Applications (situational awareness products and services for command and control systems) and Mapcon Mapping (digital map and electronic chart data production services: land and marine). OSI’s common shares are listed for trading on the Toronto Stock Exchange (TSX: OSI) and the OTC Bulletin Board (OTCBB: OFSYF). Please visit OSI’s website at www.osil.com for more information and the latest Company updates.
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 actualresults to be materially different from the results implied herein. Although Offshore Systems International believes the expectations reflected in such forward-looking 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, and industry supply.
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Jane Hayward
Investor Relations |
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