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GeoEye Signs NextView Service Level Agreement Extension With the National Geospatial-Intelligence Agency

by P.J. Blount with the blog faculty

From GeoEye:

GeoEye Signs NextView Service Level Agreement Extension With the National Geospatial-Intelligence Agency
Contract Extended Through First Quarter 2010 is Valued at $50 Million

PRNewswire
DULLES, Va.
(NASDAQ-NMS:GEOY)

DULLES, Va., Sept. 10 /PRNewswire-FirstCall/ — GeoEye, Inc. (NASDAQ: GEOY), a premier provider of satellite, aerial and geospatial information and services, announced that it has signed a contract to extend its Service Level Agreement with the National Geospatial-Intelligence Agency (NGA) through March 31, 2010. The contract extension gives the NGA continued access to high-quality color imagery from the GeoEye-1 and IKONOS Earth-imaging satellites. GeoEye was awarded a contract with a maximum value of $50 million for the four-month extension period under essentially the same business terms as the prior agreement.

(Logo: http://www.newscom.com/cgi-bin/prnh/20080625/LAW528LOGO)

The National Geospatial-Intelligence Agency has the option to extend the contract for an additional nine months on the same business terms, from April 1, 2010 to Dec. 31, 2010. The Company signed its initial Service Level Agreement in December 2008, and it was scheduled to expire Nov. 30, 2009.

Matt O’Connell, GeoEye’s Chief Executive Officer and President, said, “This contract extension is a testament to our superb relationship with the NGA and solid evidence that the color imagery we are providing to them meets all their standards for timeliness, quality, resolution, and accuracy.”

Erol Morey, GeoEye’s NGA Program Director, said, “We’ve made some improvements in the contract that are beneficial to both GeoEye and the NGA. We’re delivering millions of square kilometers of imagery to the NGA each month in support of their mission to provide timely, relevant, and accurate geospatial intelligence for national security.”