New Viasat geosynchronous communications satellite in trouble
Launched in April, a new geosynchronous communications satellite for the company Viasat is in trouble, with “an unexpected event” occurring during the deployment of its antenna reflector.
Shares of Viasat fell as much as 36% in early trading Thursday, putting it on track for its biggest one-day loss since going public in December 1996. Viasat did not disclose the identity of the reflector’s manufacturer in its release. Dankberg said his company is “working closely” with the manufacturer to resolve the problem. A Viasat spokesperson confirmed to CNBC that the manufacturer is a top aerospace and defense company – but noted that it is not Boeing, which built the 702MP+ bus that is the spacecraft’s structure and power.
The company is under severe competitive pressure from the Starlink and OneWeb satellite constellations. This loss could be crippling, even if it obtains a full insurance payment of $420 million.
Launched in April, a new geosynchronous communications satellite for the company Viasat is in trouble, with “an unexpected event” occurring during the deployment of its antenna reflector.
Shares of Viasat fell as much as 36% in early trading Thursday, putting it on track for its biggest one-day loss since going public in December 1996. Viasat did not disclose the identity of the reflector’s manufacturer in its release. Dankberg said his company is “working closely” with the manufacturer to resolve the problem. A Viasat spokesperson confirmed to CNBC that the manufacturer is a top aerospace and defense company – but noted that it is not Boeing, which built the 702MP+ bus that is the spacecraft’s structure and power.
The company is under severe competitive pressure from the Starlink and OneWeb satellite constellations. This loss could be crippling, even if it obtains a full insurance payment of $420 million.