It has been announced that Thales Alenia Space, have come to a conclusion of the arbitration surrounding the satellite manufacturing contract. The arbitration tribunal rules that the terms provided for in the 2009 amended and restated contract between the Thales and Globalstar no longer govern any future purchase.
The tribunal found a termination for convenience of the entirety of Phase 3 and consequently, Globalstar owes approximately Euro 53 million in contract cancellation charges. The tribunal finally ruled that Globalstar can only order more satellites on the basis of a mutually agreed price and contractual terms. The parties are closely working together to find a global solution.
"We are interested in addressing the issues related to the purchase of additional satellites. We shall work together with Globalstar management with a view to find a solution for the benefit of all stakeholders. We thank all parties for their continued assistance as we go through this process," said Reynald Seznec, CEO of Thales Alenia Space.
About Thales Alenia Space
The European leader in satellite systems and a major player in orbital infrastructures, Thales Alenia Space is a joint venture between Thales (67%) and Finmeccanica (33%). Thales Alenia Space sets the global standard in solutions for space telecommunications, radar and optical Earth observation, defense and security, navigation and science.
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