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GeoEye receives cost-share payment for GeoEye 2

Herndon, US: GeoEye, Inc. received USD 111 million cost-share payment from the National Geospatial-Intelligence Agency (NGA). In early June, the company successfully passed a major milestone in their GeoEye-2 satellite’s development as part of the NGA’s EnhancedView programme, triggering this cost-share payment.

GeoEye’s Chief Executive Officer Matt O’Connell said, “In passing this critical milestone and receiving the USD 111 million cost-share payment, GeoEye has once again demonstrated its technical leadership and its ability to meet the US government’s stringent EnhancedView programme requirements, on time and on budget. Most importantly, GeoEye-2 will provide our warfighters with exceptional, unclassified imagery on a daily basis, anytime and anywhere in the world.”

When operational in 2013, GeoEye-2 will provide cost-effective, shareable imagery for the US government and its many other customers, which is particularly important during times of global crisis.  GeoEye-2 will set new standards with collection capabilities, accuracy and resolution exceeding that of the company’s closest competitors. Collecting at 34-centimeter resolution, GeoEye-2 will be an important long-term security asset for the DoD, intelligence and other US government agencies.

Earlier, Standard & Poor’s Ratings Services lowered its ratings on GeoEye Inc., including the corporate credit rating to ‘B-‘ from ‘B+’. The outlook is developing.

Source: GeoEye