Orbit Technologies Ltd. (TASE:ORBI) has won a NIS 7.2 million follow-on order for its OrSat Ku-Band frequency satellite communications system from a integrator in the oil and gas industry. The company did not disclose the name of the customer, but said that it expects to receive more orders for the supply of dozens of systems that will be installed on the customer's fleet of ships.
Orbit CEO Avi Cohen said, "We are proud to receive this follow-on order from a leading American company, which is proof of the quality of Orbit's systems and high level of its support and services provided to customers."
Orbit manufactures satellite communications systems, and aircraft monitoring and communications systems. The company recently published its guidance for the fourth quarter of 2010 and for 2011. Its predicts record business for the fourth quarter, including $14.3 million revenue, 15% more than for the corresponding quarter of 2009.
Orbit's share price rose 1.8% in morning trading to NIS 27.95, giving a market cap of NIS 243 million.
Published by Globes [online], Israel business news - www.globes-online.com - on January 25, 2011
© Copyright of Globes Publisher Itonut (1983) Ltd. 2011