SEOUL, SOUTH KOREA, May 28, 2019 (GLOBE NEWSWIRE) -- eMARINE Global Inc. (OTC: EMRN), a leading provider of information and communications technology (ICT) for the maritime industry, was chosen as the preferred bidder for the Incheon Vessel Traffic Service (VTS) Project ordered by the Republic of Korea Coast Guard.
The 2.3 billion won (US$1.9 million) project begins in June with the installation of a new radar site on Yeong-Heung Island. The new installation is part of a network that includes eight existing sites, all integrated into the VTS center.
Incheon is the second largest port in Korea based on ship traffic and cargo handling capacity and holds special strategic and national security interest due its proximity to North Korea.
“Amid heightened geopolitical tensions, an estimated 45 billion won (US$37.8M) budget has been established to enhance, replace, and install new monitoring technology at VTS operating facilities along the Korean coasts this year,” stated Ung Gyu Kim, Chairman and CEO. “Our previously announced partnership with SAAB has helped us take the lead in the sea traffic and surveillance businesses, and we believe we are in a great position to win additional contract awards from the VTS project this year.”
Four VTS contracts are expected to be awarded in the coming months, with budgets ranging from 2 billion won (US$1.7 million) to 10 billion won (US$8.4 million).
eMARINE Global won the first VTS contract earlier this year in partnership with DAILI, one of the general systems integrators.
Founded in 2001 and based in South Korea, eMARINE Global is working with a growing base of marquee customers to achieve maritime ICT convergence through fully integrated products and services, offering state-of-the-art e-navigation, marine Internet of Things (IoT), and marine big data solutions, primarily in Korea with near-term expansion into U.S. and Chinese markets.
About eMARINE Global Inc.
eMARINE is a provider of information and communications technology in the maritime industry. Specifically, eMARINE provides solutions for collection, integration and display of maritime information abroad and ashore by electronic means to enhance berth to berth navigation and related services. These solutions provide the most efficient means to secure the safety of life at sea and to protect the marine environment. All products and services are offered through subscription, installation, updates and/or maintenance contracts.
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