Marine Link
Thursday, March 28, 2024

OSI Wins U.S. Contract

Offshore Systems International (OSI) sold 10 ECPINS (Electronic Chart based Precise Integrated Navigation System) to the American Steamship Co., based in Buffalo, N.Y., a subsidiary of GATX Corp. The systems will be installed on self-unloader bulk carriers which travel on the Great Lakes. Installation is scheduled for this month.

The sale is the largest U.S.-based commercial sale in the company's history. American Steamships' fleet-wide purchase of ECPINS reportedly makes the company the largest U.S.-based user of Electronic Chart Display and Information Systems (ECDIS). The bulk carriers vary in size from 639 ft. to 1,000 ft. (194.75 m to 304 m).

The company also reported a financial plan which will help it improve sales and marketing ca- pacity. OSI has reached an agreement with Sprott Securities Ltd. to act as agent to arrange a major private placement in the amount of $2.55 million to $3.4 million. The placement is on a best efforts basis and is in the form of Special Warrants. A minimum of 1.5 million Special Warrants to a maximum of two million Special Warrants priced at $1.70 per warrant are being sold. For more information on OSI Circle 197 on Reader Service Card


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