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NewSat announces 58 more contract wins

NewSat announces 58 more contract wins

NewSat (ASX:NWT) revealed it has won 58 new satellite services contracts worth a combined $1.7 million.

The company said it had signed deals across the oil, gas and military sectors, including a deal with Rodinia Oil to supply telecom services for an Australian petroleum and LNG exploration project.

Other deals include an upgrade of its contract with the Australian Defence Force to provide services to troops in the Middle East, and with Exxon Mobil subsidiary Esso Highlands PNG for a Papua New Guinea LNG pipeline.

The deals, all won in March, were in addition to the contract with the US military in Afghanistan first announced in April, which is worth an initial $4.4 million.

NewSat CEO Adrian Ballintine said the company views the defence and resources sectors as key markets.

“Resource industries such as oil and gas continue to be a high value market for NewSat, [and the company] has been a long-term partner of the ADF,” he said.

NewSat plans to launch its first geostationary satellite, the Jabiru-1, in 2012.

NWT shares grew from $0.007 to $0.008 in Wednesday's trading following the announcement.

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Tags satelliteNewSatjabiru-1business dealsAdrian BallantineASX:NWT

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