Offshore Systems International Ltd.
OTC Bulletin Board : OSIIF
TSX : OSI

Offshore Systems International Ltd.

April 06, 2006 08:00 ET

OSI Launches New Product for the Commercial Shipping Market

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 6, 2006) - Offshore Systems International Ltd. (TSX:OSI)(OTCBB:OFSYF) (OSI) announced today that it has released a new Integrated Electronic Chart Display and Information System (ECDIS) and Simplified Voyage Data Recorder (S-VDR) for the commercial shipping market. This new product will enable ship operators to benefit from the company's proven, world-leading navigation technology while meeting newly mandated International Maritime Organization (IMO) carriage requirements. The company's S-VDR is also available as a standalone system.

The S-VDR records and stores data collected from navigational sensors, control systems, radio traffic, bridge microphones, integrity sensors, and alarms. A battery-equipped uninterruptible power supply ensures the S-VDR's reliability.

Under the latest International Maritime Organization (IMO) carriage requirements, all existing ships over 3,000 gross tons engaged in international voyages must install an S-VDR by July 1, 2010.

"We estimate that more than 30,000 ships will be required to install an S-VDR by July 2010 and the majority of these vessels are just beginning to make plans for compliance," said Ken Kirkpatrick, President and CEO of OSI. "We have engineered our latest navigation system to not only allow commercial customers to meet the new IMO mandate but also to take advantage of the enhanced situational awareness delivered by our navigation systems. We intend to aggressively pursue this new opportunity."

The company is working with Radio Holland Group to establish an agreement to provide its customers with installation, maintenance, and certification services in major ports around the world. Radio Holland Group is an independent, global group of companies, strategically located along all major shipping routes, specialized in the supply, installation, and service of maritime electronics.

About OSI

Offshore Systems International Ltd. (OSI) is the world's leading developer and supplier of military navigation systems. Focused on the commercial, defense, and homeland security markets, OSI delivers advanced systems and software to address the growing need for enhanced situational awareness in command, control, and intelligence applications. By providing essential tactical and geospatial information, the company's systems and software help decision-makers know the precise location of mission operations across all military forces while integrating information with allies. OSI systems are in use by military, government, and commercial customers around the world. The company is publicly traded on the Toronto Stock Exchange (OSI) and the Over the Counter Bulletin Board (OFSYF). For additional information please visit www.osil.com.

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 harbor' 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. 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.


Contact Information

  • Offshore Systems International Ltd.
    Tracy Rawa
    Manager, Investor Relations
    (604) 904-4627 or 1-888-880-9797
    (604) 987 2555 (FAX)
    IR@osl.com
    www.osil.com