New Zealand’s Navy has signed a $2m contract with Canada’s OSI Geospatial for the delivery of navigation and tactical systems in partnership with Siemens AG.

In 2004, OSI Geospatial delivered an electronic chart navigation system for the New Zealand fleet to make it easier for ships to sense what was around them.

Walter Purio, OSI's president and chief executive welcomed the new contract.

"This is OSI Geospatial's first project with Siemens and paves the way for a strong business relationship," he said.

"The opportunity to deliver our INTS solution to a longstanding and important customer, the New Zealand Navy, deepens our industry-leading position with the navies of the world."

OSI posted a small net loss in its fiscal 2010 results released late last week. It lost $0.6m  compared with a loss of $5.9m in the corresponding quarter a year ago.