Orbit Alchut Technologies Ltd. (TASE:ORBI) has won a new contract to supply its OrSat satellite communications systems for ocean drilling platforms in Brazil. This is the latest deal for Orbit with Brazil's offshore oil and gas exploration industry, and brings the total since the beginning of the year to NIS 8.5 million.
Orbit president and CEO Avi Cohen said, "Oil and gas companies are very dependent on broadband communications for data, voice, and video links between offshore platforms and onshore centers. There is a strong economic motive to buy marine satellite communications systems. For example, exploration and drilling platforms transmit data, including internet, images, and video for analysis and processing. Disruptions in communications can result in heavy monetary losses."
Orbit's share price rose 15.5% by early afternoon today to NIS 20.83, giving a market cap of NIS 170 million.
Published by Globes [online], Israel business news - www.globes-online.com - on May 11, 2010
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