OSI Wins Navy Deal

Offshore Systems International Ltd. has won $400,000 in new orders for components to install electronic chart navigation systems in the Royal Australian Navy's Collins class submarine fleet. This brings the total value of business for the Australian submarine fleet to $1 million. Earlier this month, OSI announced a $600,000 contract for other specialized components for the Collins submarines.

"The $1 million in new business this month with the Royal Australian Navy has been working its way through the pipeline since this spring," said John Jacobson, President and CEO. "As we discussed on the October 14th conference call, now that we've expanded our sales channels in Australia, orders are flowing and we have a solid foundation for generating substantial new business going forward."