Orbit wins NIS 4.5m European naval services contract

Orbit provides round-the-clock support services for scores of naval satellite communications systems that it has installed on the country's fleet.

Orbit Technologies Ltd. (TASE:ORBI) has won NIS 4.5 million services and support contract for its satellite communications systems with a leading European navy. The contract extends a multiyear contract by one year.

Under the contract, Orbit's team provides round-the-clock support services for scores of naval satellite communications systems that it has installed on the country's fleet.

Orbit CEO Avi Cohen said, "These service contracts are an important source of revenue."

Orbit's share price rose 1% by early afternoon on the TASE today to NIS 16, giving a market cap of NIS 144 million.

Published by Globes [online], Israel business news - www.globes-online.com - on November 10, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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