Maxar Technologies Believes WorldView-4 Satellite Lost
08 January 2019 - 1:13AM
Dow Jones News
By Colin Kellaher
Maxar Technologies Inc. (MAXR) on Monday said it believes it has
lost its WorldView-4 imaging satellite after the unit experienced a
failure in its control moment gyros, preventing it from collecting
imagery.
Maxar said efforts by the company and its suppliers to restore
functionality have been unsuccessful, and the company said it
believes the satellite will likely not be recoverable and will no
longer produce usable imagery.
The satellite was built by Lockheed Martin Corp. (LMT), and the
control moment gyros were provided by Honeywell International Inc.
(HON), Maxar said.
The company said the satellite has a net book value of about
$155 million, which it will write off in the fourth quarter of 2018
if the unit isn't recoverable. Maxar said it will seek full
recovery for the loss of the WorldView-4 satellite, which is
insured for $183 million.
Maxar said the satellite, which was launched in November 2016,
generated about $85 million in revenue last year. The company said
it is assessing the use of its other satellites and outside
resources to replace imagery collected by the WorldView-4, adding
that it believes it can offset $10 million to $15 million of the
lost annual revenue.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
January 07, 2019 08:58 ET (13:58 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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