OSI, Raytheon Team for IBS Opportunities

Offshore Systems International Ltd. signed a teaming agreement with Raytheon Marine GmbH to pursue new opportunities in the international integrated bridge systems ('IBS') market. OSI also announced the first project under this partnership - to incorporate its world-leading warship navigation systems software ('WECDIS') into the Integrated Bridge System that Raytheon is installing on new destroyers being built for the Royal Navy in the United Kingdom.

"Working with Raytheon, we have the opportunity to be part of their IBS solutions going forward," said John Jacobson, President and CEO. "This new teaming agreement opens the door even wider to the new ship construction market."

The Royal Navy's new destroyer program represents six vessels with an option to increase to 12 vessels. In the last year, OSI has been selected for more than 25 new ships under construction worldwide, including in New Zealand and Australia.

Based on market data, OSI estimates the opportunity for electronic navigation systems for major combatant ships, submarines, specialty warfare craft, non-combatant vessels and naval ship-building programs is US$75 million annually.

"Within a relatively short period of time, we've seen this new-build market increase dramatically for us," said Jacobson. "We see lots more opportunity to leverage our technology into other growing market segments, such as rigid inflatables and non-combatant vessels, using a similar strategy."