Offshore Books $1M Of New Business with USCG

Offshore Systems International Ltd. has received orders from Marinette Marine Corp. Shipyard for ECPINS systems for USCG Sea Going Buoy Tender WLB hulls 6 and 7 with an option for an additional nine systems through the year 2003. In addition, Offshore's wholly-owned U.S. subsidiary, Offshore Systems International Inc., has been selected by the USCG and Bollinger Shipyard to provide the Yokogawa EML500HV1 Electromagnetic Speed Log for the new USCG Coastal Patrol Boat (CPB) Program. The company has received orders for the first 13 CPB ship sets with an option for an additional 37 CPB ship sets over the next two years. The total value of the committed business is approximately $1,000,000 with the potential for significant new orders based on the options under the two contracts.