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Iridium Secures Long-Term Agreements with Boeing (7/21/10)
Iridium Communications entered into two comprehensive, long-term agreements with Boeing that redefine the relationship between the companies for maintenance, operations and support of Iridium’s satellite network.
The first agreement, relating to the operation and maintenance of Iridium’s current satellite constellation, transforms an agreement that Iridium and Boeing have had in place for the past 10 years. Under the new agreement, Boeing will continue operating Iridium’s satellite constellation and will provide support for Iridium’s satellite control system (SCS). Under the new terms, Iridium will receive significant cost savings and benefit from the release of more than $15 million in restricted cash required under the prior agreement.
The second agreement is a new support services contract under which Boeing will become the exclusive operations and maintenance provider for Iridium’s next-generation constellation, Iridium NEXT. With the entry into this second agreement, Iridium will benefit from having a single operator during the transition from the current constellation to Iridium NEXT. In addition, under this agreement, Boeing will further upgrade Iridium’s SCS to become fully compatible with Iridium NEXT. As part of the agreement, the two companies will create an efficient operations environment for Iridium NEXT.
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