Inmarsat Plc to invest $1.2 billion in three new satellites
06 Aug 2010
According to satellite communications company Inmarsat Plc, it is investing $1.2 billion in three new satellites as part of an anticipated upgrade to its fleet.
Chief financial officer Rick Medlock said the deal would go a long way in reassuring investors that the company was targeting a new and growing market, not just replacing an ageing fleet.
He said is was not a defensive move.
The company's stock has fallen 14 per cent since mid-may amid speculation about the planned fleet upgrade.
Inmarsat Plc, the world's largest satellite services provider to the maritime industry, said first-half profit has surged 56 per cent as it placed a $1.2 billion order with Boeing Co for three satellites.
Profit before tax was up at $151.8 million from $97 million a year earlier, according to the London-based company's statement today. Revenue was up 12 per cent at $570.7 million.
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