OSI Awarded Contract by L-3

Offshore Systems International Ltd. (OSI) announced it has been awarded by L-3 Communications Marine Systems a contract valued at approximately $1.8m for the development and integration of its Common Operational Picture product for a U.S. Navy program. "With today's award, we achieve an important milestone in the company's history and deliver on a key strategic goal for 2006 - a significant U.S. Navy contract," said Ken Kirkpatrick, president and CEO of OSI. "This development demonstrates our ability to gain meaningful access to the U.S. defense market, which was a key factor in our two U.S.-based acquisitions done last year. We believe today's award opens the door to many future opportunities with the U.S. Navy." Further details about this contract will be disclosed following the receipt of the required customer approvals.