NGA Awarding GeoEye $111M For Satellite Milestone; Matt O’Connell Comments

GeoEye Inc. (NYSE: GEOY) will receive $111 million from the National Geospatial-Intelligence Agency after completing a milestone in developing the GeoEye 2-satellite, the company announced Thursday.

NGA is awarding the cost-share payment under a firm-fixed-price contract, covering the agency’s EnhancedView program.

Defense and intelligence agencies will receive color imagery from the satellite, said GeoEye President and CEO Matt O’Connell.

GeoEye has been working with Lockheed Martin Corp. (NYSE: LMT) and ITT Exelis (NYSE: XLS) to prepare the GeoEye-2 satellite for its launch in 2013.

Lockheed’s space systems company designed and built the satellite and Exelis is providing the camera.

The Lockheed team will also be responsible for launching the satellite.

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