Bremen, March 7, 2007. OHB-System AG, a subsidiary of OHB Technology AG (Prime Standard, ISIN: DE0005936124) was today awarded a contract for the next development phase of the SmallGEO small geostationary satellites. The ESA Director of Telecommunications and Navigation, Giuseppe Viriglio, and the Chairman of the Management Board of OHB-System AG, Prof. Manfred Fuchs, put their signatures to the contract today for around EUR 100 million including all options.
Phase B of development, which starts now, covers a contract volume of around EUR 13 million. For the subsequent CD implementation phases a maximum price of an additional EUR 86 million has been agreed, which the partners will implement once the development phase has been successfully completed.
Total project volume amounts to EUR 115 million. The industrial consortium plans to invest a part of it.
The first SmallGEO satellite is due to be launched in 2010. Further details will be announced on March 28th, 2007 in a press conference on the subject by ESA, the German Aerospace Centre, and OHB-Systems.