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OneWeb delays hit Eutelsat earnings
Posted: Sat, Feb 3, 2024, 9:40 AM ET (1440 GMT)
Eutelsat is reducing its projected revenues because of delays bringing the OneWeb constellation into full commercial service. The company said Monday that installation of gateways needed for OneWeb is behind schedule, with only 30 of the 40 needed for global service in place. Gaps in coverage include India and Saudi Arabia, where Eutelsat has significant "take-or-pay" contracts that require customers to take the OneWeb capacity once it is available or pay a penalty. Eutelsat reduced its revenue projections for its current fiscal year, ending in June, by 7% to account for the delays. Eutelsat expects global coverage to be in place in the second half of 2024. Eutelsat also sold its stake in satellite manufacturer Airbus OneWeb Satellites (AOS) to Airbus for an undisclosed sum.
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