Business Services Industry
Sea Launch cancels another launch
Nordic Business Report, Nov 26, 2002
NORDIC BUSINESS REPORT-26 November 2002-Sea Launch cancels another launch(C)1994-2002 M2 COMMUNICATIONS LTD http://www.m2.com
The ocean-based rocket launch service Sea Launch LLC has reportedly had to cancel one more launch, leaving the number of successful launches this year at just one.
According to the Norwegian newspaper Aftenposten's online edition, Sea Launch - which is owned by Boeing Co (40%), the Russian companies RSC-Energia (25%) and SDO Yuzhnoye/PO Yuzhmash (15%), and Norway's Aker Kvaerner (20%) - needs to make some seven launches per year in order to be profitable.
Boeing has this year increased its exposure in the company by extending new guarantees for some NOK200m but Aker Kvaerner has reportedly not been willing to participate.
Both Boeing and Aker Kvaerner have written down the value of their stakes in Sea Launch to zero.
One Norwegian krone (NOK) is worth approximately 0.9 British pounds (GBP).
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