IHS Markit Extends Contract With ORBCOMM for Satellite AIS Data

Rhea-AI Summary

ORBCOMM has announced a multi-year contract extension with IHS Markit for satellite Automatic Identification System (AIS) data services, enhancing ship tracking and safety measures. This renewal showcases ORBCOMM’s leadership in the maritime sector since IHS Markit has been a partner since 2009. The contract supports various web-based maritime solutions, aiding customers in operational efficiency and compliance. ORBCOMM is also set to expand its AIS service with new CubeSats, increasing coverage and improving tracking of smaller vessels.

Positive

• Multi-year contract extension with IHS Markit indicates ongoing demand for ORBCOMM’s AIS services.
• Expansion of ORBCOMM’s AIS services with new CubeSats will enhance market coverage and capabilities.

Negative

• None.

ROCHELLE PARK, N.J., July 08, 2020 (GLOBE NEWSWIRE) -- ORBCOMM Inc. (Nasdaq: ORBC), a global provider of Internet of Things (IoT) solutions, today announced that IHS Markit (NYSE: INFO), a world leader in critical information, analytics and solutions, has extended their contract for ORBCOMM’s satellite Automatic Identification System (AIS) data used for ship tracking and other maritime navigational and safety efforts.

IHS Markit’s new, multi-year contract was the result of a competitive procurement evaluation among providers of space-based AIS data services. IHS Markit, which has been an ORBCOMM partner since ORBCOMM’s inception of commercial space-based AIS data in 2009, will continue to provide ORBCOMM’s AIS data services to their government and commercial customers, enabling maritime domain awareness, sanctions compliance and commodity trading applications. In addition, IHS Markit is using ORBCOMM’s AIS data to support their web-based maritime and trade solutions, including Maritime Portal Gold/MIRS, AISLive Premium, Trade Compliance Service, MINT and Commodities@Sea. By leveraging ORBCOMM’s comprehensive AIS service, IHS Markit delivers the information, analytics and insight to help customers identify growth opportunities, reduce global supply chain risk, make more effective business decisions and improve operational efficiency.

“We are pleased to extend our long-standing partnership with IHS Markit, who has been instrumental in working with ORBCOMM to develop and expand the global satellite AIS market over the past decade,” said Greg Flessate, ORBCOMM’s Senior Vice President and General Manager, Government and AIS. “IHS Markit’s contract renewal is a strong testament to the quality and reliability of ORBCOMM’s AIS data, which is integral to supporting their global maritime and trade solutions as well as solidifying ORBCOMM’s leadership and continued growth in the maritime market.”

“With around 90 percent of global trade done by sea, the detailed tracking of vessels provides a clear commercial and security advantage,” said Stuart Strachan, Senior Vice President, Maritime and Trade at IHS Markit. “Our maritime and trade solutions combined with ORBCOMM’s AIS data help our customers stay ahead of changing markets, trade data or supply chain disruptions and capitalize on trading opportunities with verified intelligence on commodity shipment activities as well as ensure regulatory compliance.”

ORBCOMM’s pioneering satellite data AIS service has provided the most comprehensive and reliable global coverage in the market over the last decade. ORBCOMM is continuing to invest to support growth in the AIS markets by enhancing its satellite AIS service with two new, next-generation AIS CubeSats, which are expected to expand coverage of ORBCOMM’s constellation, increase visibility to smaller Class B ships and extend its polar footprint with launches planned on separate missions starting in late 2020.

About ORBCOMM Inc.
ORBCOMM (Nasdaq: ORBC) is a global leader and innovator in the industrial Internet of Things, providing solutions that connect businesses to their assets to deliver increased visibility and operational efficiency. The company offers a broad set of asset monitoring and control solutions, including seamless satellite and cellular connectivity, unique hardware and powerful applications, all backed by end-to-end customer support, from installation to deployment to customer care. ORBCOMM has a diverse customer base including premier OEMs, solutions customers and channel partners spanning transportation, supply chain, warehousing and inventory, heavy equipment, maritime, natural resources, and government. For more information, visit www.orbcomm.com.

About IHS Markit
IHS Markit (NYSE: INFO) is a world leader in critical information, analytics and solutions for the major industries and markets that drive economies worldwide. The company delivers next-generation information, analytics and solutions to customers in business, finance and government, improving their operational efficiency and providing deep insights that lead to well-informed, confident decisions. IHS Markit has more than 50,000 business and government customers, including 80 percent of the Fortune Global 500 and the world’s leading financial institutions. Headquartered in London, IHS Markit is committed to sustainable, profitable growth. For more information about IHS Markit Maritime & Trade, visit https://ihsmarkit.com/Info/0516/maritime-trade-solutions.html.

Forward-Looking Statements
Certain statements discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally relate to our plans, objectives and expectations for future events and include statements about our expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts. Such forward-looking statements, including those concerning the Company’s expectations, are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from the results, projected, expected or implied by the forward-looking statements, some of which are beyond the Company’s control, that may cause the Company’s actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. In addition, specific consideration should be given to various factors described in Part I, Item 1A. “Risk Factors” and Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and elsewhere in our Annual Report on Form 10-K, and other documents, on file with the Securities and Exchange Commission. The Company undertakes no obligation to publicly revise any forward-looking statements or cautionary factors, except as required by law.

ORBCOMM Contacts
For Investors:
Aly Bonilla, VP of Investor Relations
+1 703.433.6360
bonilla.aly@orbcomm.com
investorrelations@orbcomm.com

For Trade Media:
Sue Rutherford, VP of Marketing
+1 613.254.5269
rutherford.sue@orbcomm.com
mediarelations@orbcomm.com 

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a949eba1-e03a-4c69-b381-50ed9573ac3b

FAQ

What is the significance of ORBCOMM's contract extension with IHS Markit?

The contract extension signifies continued trust in ORBCOMM's satellite AIS data services, crucial for maritime tracking and compliance.

When did ORBCOMM start partnering with IHS Markit?

ORBCOMM partnered with IHS Markit in 2009, marking over a decade of collaboration in satellite AIS data services.

How does ORBCOMM's AIS data impact global trade?

ORBCOMM’s AIS data enhances maritime domain awareness and compliance, which is vital since about 90% of global trade is conducted by sea.

What new developments are planned for ORBCOMM’s AIS services?

ORBCOMM plans to launch two new CubeSats to expand AIS coverage and improve tracking capabilities for smaller vessels.