Orbit will also provide support services for the project, which is expected to involve the launch of 12 satellites in 2013 and 2014.
Orbit Technologies, a developer of satellite communications and tracking systems, said Monday it signed a $150 million agreement with one of the world's largest satellite companies to supply hundreds of communications systems, including 2,500 antennae.
Orbit will also provide support services for the project, which is expected to involve the launch of 12 satellites in 2013 and 2014. Orbit's stock soared 39.9% in heavy trading on the Tel Aviv Stock Exchange on Sunday on the announcement.
The contract has a lifespan of five years and will increase Orbit's average turnover by 70%, compared with the 12-month period that ended last June, the company said.
Orbit prevailed in a competitive tender and received an immediate NIS 4 million order to kick off the project. The company is also expected to serve as the equipment and communications supplier for the large integrators in the field working with the communications venture.
The global communications company with which Orbit signed the contract set a goal of supplying broadband communications to a large part of the world and full communications systems for oil and gas drillings, for governmental and military projects, and for cruise ships and yachts.
The satellites are to orbit the earth at a medium altitude of 8,063 kilometers and provide coverage between the latitudes of 45 degrees north and 45 degrees south.
Orbit suffered a $1.1 million loss in the first half of the year on $20.4 million in revenues, compared with a $1.1 million profit on $29 million in revenues for the same period of the previous year. The company, under the 44.5% controlling ownership of Zeev Stein, is now trading at a market value of NIS 78.7 million.