GeoEye insures its GeoEye-1 satellite

GeoEye, Inc., producer of satellite and aerial imagery and geospatial information, announced that it has successfully secured approximately USD 270 million of launch and first-year on-orbit insurance for its next-generation GeoEye-1 satellite. This insurance was obtained at a premium rate that was less than previously anticipated. The launch of GeoEye-1 is slated for late first quarter or early second quarter 2008 from Vandenberg Air Force Base in California.

In addition, the Company has received USD 40 million of insurance proceeds resulting from the loss of its OrbView-3 imaging satellite earlier this year. The payment represents the full amount of the insurance claim and will be recorded as a gain in GeoEye's third quarter financial results.

GeoEye is nearing completion of integration and testing of its next-generation commercial satellite imaging system, GeoEye-1. The satellite is being built by General Dynamics/Advanced Information Systems in Gilbert, Ariz. Once operational, the satellite will be able to discern objects on the ground 16 inches in size or larger. More importantly, the satellite will be able to locate an object that size to within about nine feet of its true location on the surface of the globe. Imagery from GeoEye-1 will be in color or in black and white. GeoEye-1 will be the world's highest resolution commercial Earth imaging satellite and no other commercial imaging company will be able to match this capability.

Source : http://geoeye.mediaroom.com