----

----

| x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|-----------------------------------------------------------------------------------------|

|  ̈ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|--------|------------------------------------------------------------------------------------------|

| Delaware                                                      |   | 86-0913802                          |
|---------------------------------------------------------------|--------|-------------------------------------|
| (State or other jurisdiction ofincorporation or organization) |   | (I.R.S. EmployerIdentification No.) |

| Large accelerated filer    ̈                                 | Accelerated filer    ̈    |
|---------------------------------------------------------------------------------|----------------------------------------------|
| Non-accelerated filer (Do not check if a smaller reporting company)  ̈ | Smaller reporting company   x |

----

| Table of Contents |   |   |  Page |
|-------------------|--------|--------|------------|
|              |   |   |       |
|              |   |   |       |
| Explanatory Note  |   |   |  2    |
|              |   |   |       |
| Exhibits          |   |   |  3    |
|              |   |   |       |
| Signatures        |   |   | 5          |

----

| Exhibit |                                                                                                                                                                                                                                                                                         |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Number  | Exhibit                                                                                                                                                                                                                                                                                      |
|    |                                                                                                                                                                                                                                                                                         |
| 3.1     | Certificate of Incorporation as Amended of the Registrant dated June 8, 2006 (included as Exhibit 3.1 to the Registrant's Annual Report on Form 10-KSB for the fiscal year ended December 31, 2007, filed on March 31, 2008 and incorporated herein by reference).                           |
|    |                                                                                                                                                                                                                                                                                         |
| 3.2     | Bylaws of the Registrant (included as Exhibit 3.3 to the Registrant's Annual Report on Form 10-KSB for the fiscal year ended December 31, 2007, filed on March 31, 2008 and incorporated herein by reference).                                                                               |
|    |                                                                                                                                                                                                                                                                                         |
| 4.1     | Certificate of Preferences, Rights and Limitations of Series B Variable Dividend Convertible Preferred Stock (included as Exhibit 4.01 to the Form 8-K filed May 25, 2006, and incorporated herein by reference).                                                                            |
|    |                                                                                                                                                                                                                                                                                         |
| 10.1    | Stock Incentive Plan, dated March 31, 2004 (included as Exhibit 10.1 to the Form 8-K filed April 1, 2004, and incorporated herein by reference).                                                                                                                                             |
|    |                                                                                                                                                                                                                                                                                         |
| 10.2    | 2004 Non-Employee Director Stock Ownership Plan dated December 29, 2005 (included as Exhibit 10.2 to the Form 8-K filed April 1, 2004, and incorporated herein by reference).                                                                                                                |
|    |                                                                                                                                                                                                                                                                                         |
| 10.3    | Executive Change of Control Agreement between the Registrant and John Kennedy, dated August 6, 2008 (included as Exhibit 99.2 to the Form 8-K filed August 11, 2008, and incorporated herein by reference).                                                                                  |
|    |                                                                                                                                                                                                                                                                                         |
| 10.4    | Executive Change of Control Agreement between the Registrant and Robert Mathews, dated August 6, 2008 (included as Exhibit 99.3 to the Form 8-K filed August 11, 2008, and incorporated herein by reference).                                                                                |
|    |                                                                                                                                                                                                                                                                                         |
| 10.5    | Lease between the Registrant and Robert F. Tambone as Trustee of MAT Realty Trust, dated September 23, 2004 (included as Exhibit 10.1 to the Form 8-K filed October 1, 2004, and incorporated herein by reference).                                                                          |
|    |                                                                                                                                                                                                                                                                                         |
| 10.6    | First Amendment to Lease between the Registrant and Robert F. Tambone as Trustee of MAT Realty Trust, dated February 5, 2007 (included as exhibit 10.18 to the Registrant's Annual Report on Form 10-KSB for the fiscal year ended December 31, 2006, and incorporated herein by reference). |
|    |                                                                                                                                                                                                                                                                                         |
| 10.7    | Recapitalization Agreement between the Registrant and Securityholders, dated December 31, 2007 (included as exhibit 99.1 to the Form 8-K filed January 7, 2008, and incorporated herein by reference).                                                                                       |
|    |                                                                                                                                                                                                                                                                                         |
| 10.8    | Securities Purchase Agreement between the Registrant and various investors, dated January 4, 2008 (included as Exhibit 99.2 to the Form 8-K filed January 7, 2008, and incorporated herein by reference).                                                                                    |
|    |                                                                                                                                                                                                                                                                                         |
| 10.9    | Executive Employment Agreement between the Registrant and William C. Bopp, dated January 4, 2008 (included as Exhibit 99.3 to the Form 8-K filed January 7, 2008, and incorporated herein by reference).                                                                                     |
|    |                                                                                                                                                                                                                                                                                         |
| 10.10   | Amendment to Executive Employment Agreement between the Registrant and William C. Bopp, dated February 27, 2008 (included as Exhibit 99.2 to the Form 8-K filed February 29, 2008, and incorporated herein by reference).                                                                    |
|    |                                                                                                                                                                                                                                                                                         |
| 10.11   | Investment Agreement by and between Viking Systems, Inc. and Dutchess Opportunity Fund, II, LP, dated January 7, 2010 (included as Exhibit 10.1 to the Form 8-K filed January 7, 2010, and incorporated herein by reference).                                                                |
|    |                                                                                                                                                                                                                                                                                         |
| 10.12   | Registration Rights Agreement by and between Viking Systems, Inc. and Dutchess Opportunity Fund, II, LP, dated January 7, 2010 (included as Exhibit 10.2 to the Form 8-K filed January 7, 2010, and incorporated herein by reference).                                                       |
|    |                                                                                                                                                                                                                                                                                         |
| 10.13   | Viking Systems, Inc.’s Amended 2008 Equity Incentive Plan (included as Exhibit 99.1 to the Form S-8 filed January 15, 2010, and incorporated herein by reference).                                                                                                                     |
|    |                                                                                                                                                                                                                                                                                         |
| 10.14   | Viking Systems, Inc.’s 2008 Non-Employee Directors' Stock Option Plan, dated January 18, 2008 (included as Annex B to the Registrant’s Schedule 14-C Information Statement filed April 10, 2008, and incorporated herein by reference).                                          |

----

|   |                                                                                                                                                                                                                                                                                                               |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.15  | Lease between the Registrant and MAT Realty Trust, dated September 23, 2004 (included as Exhibit 10.1 to the Form 8-K, filed on October 1, 2004.)                                                                                                                                                                  |
|   |                                                                                                                                                                                                                                                                                                               |
| 10.16  | First Amendment to Lease between the Registrant and MAT Realty Trust, dated February 5, 2007 (included as Exhibit 10,18 to the Registrant’s Annual Report on Form 10-K for the period ending December 31, 2006, filed on March 27, 2007.)                                                                    |
|   |                                                                                                                                                                                                                                                                                                               |
| 10.17  | Second Amendment to Lease between the Registrant and the Baltic Group, LLC, dated March 8, 2010 (included as Exhibit 10.14 to the Registrant’s Quarterly Report on Form 10-Q for the period ending March 31, 2010).                                                                                          |
|   |                                                                                                                                                                                                                                                                                                               |
| 31.1   | Certifications of Principal Executive Officer in accordance with 18 U.S.C. Section 1350, as adopted by Section 302 of the Sarbanes- Oxley Act of 2002 (filed herewith).                                                                                                                                            |
|   |                                                                                                                                                                                                                                                                                                               |
| 31.2   | Certifications of Principal Financial Officer in accordance with 18 U.S.C. Section 1350, as adopted by Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).                                                                                                                                             |
|   |                                                                                                                                                                                                                                                                                                               |
| 32.1   | Certification of Principal Executive Officer in accordance with 18 U.S.C. Section 1350, as adopted by Section 906 of the Sarbanes-Oxley Act of 2002 (included as Exhibit 32.1 to the Quarterly Report on Form 10-Q for the period ended June 30, 2010, filed August 5, 2010 and incorporated herein by reference). |
|   |                                                                                                                                                                                                                                                                                                               |
| 32.2   | Certification of Principal Financial Officer in accordance with 18 U.S.C. Section 1350, as adopted by Section 906 of the Sarbanes-Oxley Act of 2002 (included as Exhibit 32.2 to the Quarterly Report on Form 10-Q for the period ended June 30, 2010, filed August 5, 2010 and incorporated herein by reference). |

----

| Dated:  December 7, 2010 | VIKING SYSTEMS, INC. |                                                                                                               |
|------------------------------------|----------------------|--------------------------------------------------------------------------------------------------------------------|
|                               |                 |                                                                                                               |   |
|                               | By:                  | /s/ John Kennedy                                                                                                   |   |
|                               |                 | Chief Executive Officer(Principal Executive Officer)                                                               |   |
|                               |                 |                                                                                                               |   |
|                               |                 |                                                                                                               |   |
|                               | By:                  | /s/ Robert Mathews                                                                                            |   |
|                               |                 | Executive Vice President and Chief Financial Officer(Principal Financial Officer and Principal Accounting Officer) |   |

----