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OSI signs teaming agreement with Raytheon Marine GmbH to pursue integrated bridge system opportunities; first design project underway for Royal Navy’s new destroyer program
Vancouver, Canada — Offshore Systems International Ltd. (TSX: OSI/ OTCBB: OFSYF) has signed a teaming agreement with Raytheon Marine GmbH to pursue new opportunities in the international integrated bridge systems (‘IBS’) market. OSI also announced the first project under this partnership – to incorporate its world-leading warship navigation systems software (‘WECDIS’) into the Integrated Bridge System that Raytheon is installing on new destroyers being built for the Royal Navy in the United Kingdom.
“Working with Raytheon, we have the opportunity to be part of their IBS solutions going forward,” said John Jacobson, President and CEO. “This new teaming agreement opens the door even wider to the new ship construction market.”
The Royal Navy’s new destroyer program represents six vessels with an option to increase to 12 vessels. In the last year, OSI has been selected for more than 25 new ships under construction worldwide, including in New Zealand and Australia. Based on market data, OSI estimates the opportunity for electronic navigation systems for major combatant ships, submarines, specialty warfare craft, non-combatant vessels and naval ship-building programs is US$75 million annually.
“Within a relatively short period of time, we’ve seen this new-build market increase dramatically for us,” said Jacobson. “We see lots more opportunity to leverage our technology into other growing market segments, such as rigid inflatables and non-combatant vessels, using a similar strategy.”
About Offshore Systems International Ltd.
Offshore Systems International Ltd. (OSI) makes geographic-intelligence software, systems and data products mainly for large government and civilian customers. The company has three business units: OSI Navigation Systems (moving map display systems and software for naval surface ships and submarines); OSI Applications (network-based map and target display software and services for national defence) and Mapcon Mapping (land mapping and marine chart production services for civilian and military customers). OSI’s common shares are listed for trading on the Toronto Stock Exchange (TSX: OSI) and the OTC Bulletin Board (OTCBB: OFSYF). Visit OSI’s website at www.osil.com for more information and the latest company updates.
Forward-Looking Statements
This news release contains items that 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. 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. Offshore Systems International can give no assurances that its representations will be achieved or that it will update them at any time in the future.
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Jane Hayward
Investor Relations |
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