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To: Gofer who wrote (345)	12/4/2001 9:58:38 AM
From: geoffb_si	Respond to of 592

Gofer has another one that should be added to the watch list. OSI.T. News of a contract: Offshore Systems International Awarded New $4.8 Million Order by Canadian Department of National Defence -- Company's Second Largest Single Order to Date Vancouver, British Columbia Offshore Systems International Ltd. (TSE: OSI - news), a marine electronic navigation company with a strong defense niche, announced today that it has been awarded an order by the Canadian Department of National Defence. The contract value to Offshore Systems is approximately $CDN 4.8 million ($US 3.2 million) and delivery is scheduled through into 2002. This represents the second largest, single order received to date by Offshore. The order provides an upgrade to all existing Shipboard Integration Navigation Display Systems (SHINNADS) with the installation of the latest version of Offshore's proprietary Electronic Chart Precise Integrated Navigation System (ECPINS®-M) software, entailing custom applications for Canadian Navy requirements. The order includes new ECPINS®-M installations for the Victoria Class submarines, AOR Class Support Ships, Iroquois Class destroyers and Kingston Class maritime coastal defense vessels as well as upgrades for legacy systems previously installed on Halifax Class frigates. The order also includes a Navy-wide training license with provisions for installing the ECPINS®-M software on Navy training systems and simulators throughout Canada. John Jacobson, President and CEO of Offshore Systems, said: ``The Canadian Navy has been a key customer of Offshore's since it took delivery of the first electronic chart in 1985. This latest order is a strong confirmation of our company's commitment to quality, service and customer satisfaction in highly demanding and critical applications. It follows the $CDN 5 million ($US 3.3 million) contract from the Royal Danish Navy that Offshore received this past August. It further reflects Offshore's developing leadership position in the naval electronic charting field, which offers the opportunities for even significantly larger orders in the future.'' Offshore Systems International Ltd. Founded in 1977, Offshore Systems designs, develops and markets the proprietary ECPINS® (Electronic Chart Precise Integrated Navigation System) line of electronic chart navigation systems for ships. ECPINS® helps to reduce the risk of navigation-related incidents by giving bridge crews a precise, realtime display of their position, course and speed, against a background of fixed obstacles and other navigational hazards. Offshore Systems has developed a strong market position in military navigation, and has ECPINS® systems deployed with the United States Coast Guard, the Canadian Navy, the Royal Danish Navy and the United States Navy. For more information Contact In the United States: Jay Green of BlueFire Partners, 212-572-6258, or jgreen@bluefirepartners.com In Canada: Norman van Roggen, NvR Capital, 604 408-9118, or investor@osl.com Website: www.osl.com Forward-Looking Statements This news release contains discussion of items that may constitute forward-looking statements within the meaning of securities laws. Although Offshore Systems International believes the expectations reflected in such forward-look statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Factors that could cause actual results to differ from expectations include the effects of general economic conditions, changing foreign exchange rates, actions by government authorities, uncertainties associated with contract negotiations, industry supply levels and competitive pricing pressures. Offshore Systems International Ltd. 107 - 930 West 1st Street North Vancouver, BC, V7P 3N4 Telephone: (604) 986 4440 Fax: (604) 987 2555