Inmarsat reports non-payment by LightSquared under Cooperation Agreement

Inmarsat today announces that a payment due from LightSquared under the terms of the Cooperation Agreement between the two companies has not been received. As a result Inmarsat has issued a notice of default to LightSquared in accordance with the terms of the agreement.

On 30 September 2014, a quarterly Phase 2 payment of US$12.5 million and a related payment of US$5.0 million became due, resulting in an aggregate amount due from LightSquared of US$17.5 million. This payment has not been received.

On 1 October 2014 Inmarsat issued a notice of default to LightSquared under the Cooperation Agreement. This notice triggers a period of 60 calendar days during which LightSquared can remedy the payment before Inmarsat is entitled to enforce its rights and remedies under the agreement for payment default, including pre-agreed spectrum arrangements and termination of certain LightSquared rights under the Cooperation Agreement.

The revenue generation of Inmarsat’s group business remains unaffected by today’s announcement.

Further information

About Inmarsat

Inmarsat plc is the leading provider of global mobile satellite communications services. Since 1979, Inmarsat has been providing reliable voice and high-speed data communications to governments, enterprises and other organizations, with a range of services that can be used on land, at sea or in the air. Inmarsat employs around 1,600 staff in more than 60 locations around the world, with a presence in the major ports and centres of commerce on every continent. Inmarsat is listed on the London Stock Exchange (LSE:ISAT.L). The Inmarsat press release newsfeed and corporate updates are on Twitter @InmarsatGlobal

David Boyd
Tel: +44 (0)20 7728 1518
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