SEOUL, SOUTH KOREA, Feb. 05, 2020 (GLOBE NEWSWIRE) -- eMARINE Global, Inc. (OTC: EMRN), a leading provider of information and communications technology (ICT) for the maritime industry, was selected as the preferred bidder for a large-scale vessel traffic system (VTS) project for the Korean Coast Guard.
eMARINE will work with leading domestic system integrators, including Daily Blockchain and STX Engine, to complete the VTS project. The project team will also include global surveillance solution providers, including SAAB, an eMARINE partner company, and Terma A/S.
“Our partnership with SAAB was a key driver to our success in securing this project,” stated Dr. Ung Gyu Kim, Chairman and CEO. “Combined with the Incheon VTS project we won in 2019, eMARINE is quickly solidifying its competitive position in the maritime surveillance market, which has been dominated by another Korean company over the past several decades. We are now changing the game by bringing cutting-edge, innovative technologies to the market.”
The Korean Coast Guard VTS project is budgeted at $14 million over two years. Final bid price and conditions will be publicly disclosed upon contract signing, which is expected within the next 30 days.
Under the negotiated terms of the contract, the project consortium will build two (2) VTS operating centers, one in Mokpo and one in Gunsan, both located on the southwest coast of Korea. The project will include three (3) radar systems in Mokpo and two (2) radar systems in Gunsan.
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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