The Telo Yachtsman predates the current Davis Instruments 1555 Yatchsman. For all purposes it is the same knife. Both are 100% Stainless Steel construction throughout, with the blades most likely using some type of 420 grade Stainless Steel. The older Telos were made in Japan. The new Davis knives are made in China. The quality of the build is slightly better on the older Telo knives.
While the knife is not going to be useful in an extreme emergency it is a very small pocket sized knife with a surpisingly effective blade and spike. Indeed my first impression of the knife was it was useless junk but don't let its small size and plain look fool you. It is an excellent, robust little knife capable of carrying out many chores around the deck. Best of all they are relatively inexpensive and fit easily in a pocket or the smallest of emergency kits. I wouldn't recommend it as your primary sailing knife but it makes a great little back up knife.