GeoEye Obtains 2008 Insurance for Its IKONOS Satellite
Dulles,VA-- GeoEye, Inc. , a premier provider of satellite, aerial and geospatial information, announced today that it has secured insurance in the amount of $20 million on its IKONOS satellite for 2008 with terms comparable to those it had for 2007. This was facilitated by a new analysis, performed by Lockheed Martin Corporation, on the life expectancy of its IKONOS high-resolution Earth-imaging satellite. The company now estimates IKONOS may continue to meet mission requirements into the next decade.
The satellite was built and launched into a low Earth orbit by Lockheed Martin in 1999. At the time of launch it was estimated that the satellite would be operational for a period of five to seven years. Later, based on operational data, it was estimated that IKONOS would remain operational until the mid-2008 timeframe. However, this new study resulted in an estimated life expectancy into the 2010 timeframe.
Bill Schuster, chief operating officer said, “IKONOS continues to perform almost flawlessly in terms of quantity and quality of imagery that it collects. Earlier analyses on life expectancy were conservative and used a number of simplifying assumptions. We asked Lockheed Martin to conduct another study. Previous ones indicated that space-based radiation posed the most immediate threat, so this new analysis was focused on what impact radiation has had on IKONOS’ components. The results show that radiation is no longer a near-term life-limiting factor.”
While other unknown factors could cause IKONOS to cease functioning, there is enough fuel on board to last an additional eight years and the satellite’s batteries are performing well.
The review was undertaken by Lockheed Martin Commercial Space Systems (LMCSS) Specialty Engineering Organization (Newtown, Pa.) and completed in mid-November 2007. Dr. Roman Herschitz, Justin Likar and Audrey Esteban, all engineers at the Specialty Engineering Organization, performed this latest analysis.
Likar, a space radiation engineer, said, “The high fidelity analyses performed by LMCSS were conducted using proven analytical tools and eight years of on-orbit data. Analyses showed that the on-orbit ionizing radiation environment is comparatively less than anticipated. As a result -- and barring other life limiting effects -- the satellite should not anticipate any ionizing radiation induced degradation affecting operations or imaging performance into the next decade.”
Willis Inspace was the insurance broker.
GeoEye is the premier provider of geospatial information, imagery and solutions for the national security community, strategic partners, resellers and commercial customers to help them better map, measure and monitor the world. GeoEye operates a constellation of Earth imaging satellites, mapping aircraft and has an international network of ground stations, a robust imagery archive, and advanced geospatial imagery processing capabilities. The launch of GeoEye-1 is slated for April 2008 from Vandenberg Air Force Base in California. GeoEye-1 will be the world’s highest resolution and most accurate commercial imaging satellite. GeoEye is a public company listed on the Nasdaq stock exchange under the symbol GEOY. GeoEye provides support to academic institutions and non-governmental organizations through the GeoEye Foundation. Headquartered in Dulles, Virginia, GeoEye maintains a comprehensive Quality Management System (QMS), and has achieved company-wide ISO accreditation.
For more information, visit www.geoeye.com/.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Securities Exchange Act of 1934, as amended. These forward-looking statements involve known and unknown risks and uncertainties. GeoEye’s actual financial and operational results could differ materially from those anticipated. Additional information regarding these risk factors and uncertainties is described more fully in the Company’s SEC filings. A copy of all SEC filings may be obtained from the SEC’s EDGAR web site, www.sec.gov/, or by contacting: William L. Warren, Senior Vice President, General Counsel and Secretary, at 703-480-5672.
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