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GomSpace A/S (SEMM:GOMX) - a subsidiary of GomSpace Group AB (the ”Company”) and Aerial & Maritime Ltd. (“A&M”) have signed a Memorandum of Understanding (“MOU”) following A&M’s decision to appoint GomSpace as the supplier of a global constellation of nanosatellites and ground segment systems. The contract is valued at up to US$100 million.
Fully operational by the end of 2021 A&M is able to provide global Air Traffic Surveillance increasing safety and reducing fuel consumption to the airline industry, including air navigational service providers. The system shall deliver processed ADS-B signals — compliant with ICAO and EUROCAE requirements for air traffic management.
The terms and conditions of any future formal cooperation between the parties as to the subject matter of the MOU are yet to be negotiated and agreed upon. The parties expect to enter a formal turnkey contract in Q4 2018. The turnkey contract will have a value of up to 100 million USD.