Orbit Alchut Technologies Ltd. (TASE:ORBI) and Italian telecommunications systems company Telespazio SpA will supply satellite communications systems for marine oil and gas platforms. The contract is worth more than NIS 3.5 million.
Orbit and Telespazio, a joint venture of Thales SA (Euronext: HO) and Finmeccanica SpA (BIT: FNCn) have been partners for over a decade.
The two companies will supply marine broadband satellite communications systems with four-meter antennas and which operate in the C-band frequency range. The systems function very reliably in severe sea and weather conditions.
Orbit president and CEO Avi Cohen said, "The oil and gas sector is an important growth engine for the company. This sector is growing by 30% a year, and is expected to continue for the coming years, because of marine platforms' dependence on direct communications with onshore centers."
Orbit's share price rose 1.2% to NIS 21 in early trading today, giving a market cap of NIS 183 million. The share price is up 53.8% year to date.
Published by Globes [online], Israel business news - www.globes-online.com - on June 9, 2010
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