[SatNews] The HYLAS 2 is now covered, and new contracts are in place for capacity on their new satellite...

Avanti Communications Group plc (AIM: AVN) has completed its launch insurance policy for HYLAS 2 with a sum insured of $328m (£208m). The rate achieved represents a saving of $15m (£9m) on the estimated cost for insurance included in the procurement budget for HYLAS 2. The insurance covers the launch of HYLAS 2 and the first year of in-orbit operation. It provides for the total cost of the HYLAS 2 project, including replacing the satellite, a second launch, the insurance for this second launch and for its first year of operation. Following the first year of operation, Avanti will renew the insurance for HYLAS 2 so as to provide the same cover (as it will for HYLAS 1).

Additionally, the Company is pleased to announce a contract win with Bentley Walker Ltd. for bandwidth serving customers in Afghanistan. The capacity will be on HYLAS 2, Avanti’s second satellite, which is scheduled to launch in the second quarter of 2012. The contract has a term of two years with a value of $2m plus a further one year extension option. Avanti also welcomes the addition of three more “SVNO” customers to HYLAS 1.

• AVC Polska is the fast growing Polish operation of the U.K. based AVC Group, already an Avanti partner in the UK. AVC Polska offers IT and network services to the public sector and enterprise customers in Poland
• DSL SAT Service, a German provider of satellite solutions for specialized applications
• Acorde, a Spanish based international technology company providing satellite solutions to many sectors including the growth markets of e-health and environmental control