Taking into consideration Bulgaria’s interests and intentions stipulated in the National Security Strategy, the Black Sea is seen as a main sphere of the country’s foreign, security and defence policies. So far, official documents do not seem to place a priority on modernising the Bulgarian Navy. The author, however, reasons that by 2020 Bulgaria should have small, but technologically advanced Navy, capable of defending the interests of Bulgaria and its Western allies in the Black Sea region. After examining available options and approximate costs, the paper suggests that the country embarks on a modernisation programme packaging the procurement of main platforms, thus getting negotiation leverage and seeking offsets through direct industrial investments.