Addvalue to sell data gathering services to 'premier global satellite service company'

SINGAPORE - Satellite communications company Addvalue Technologies said on Thursday (June 7) that it has agreed with an existing customer - described as a "premier global satellite service company" - to provide data gathering services from now to at least 2026.

This comes on top of the first commercial Inter-Satellite Data Relay System (IDRS) contract that Addvalue signed with this unidentified customer earlier this year. This contract involves Addvalue providing a customised design and supply of IDRS terminals.

It said that both agreements are estimated to yield recurring annual revenues of more than US$40 million (S$53.3 million) to the group once the projects are completed. The delivery for the IDRS Terminals is due to start this year.

"Due to commercial sensitivity and the group's non-disclosure undertaking to the customer, the group is unable to provide more details about the customer at this juncture," said Addvalue in its regulatory filing on Thursday.

"More details about the customer shall be furnished once the group is absolved of its non-disclosure undertaking to the customer."