Maxar Technologies To Receive Full Insurance Payout For Worldview-4 Satellite Loss

WorldView-4 Rendering. Image Credit: DigitalGlobe/Maxar Technologies Inc.

May 3, 2019 – Maxar Technologies today announced that its insurance carriers have accepted the company’s $183 million claim for loss arising from the WorldView-4 satellite on-orbit failure, and have agreed to pay the company that full amount under their insurance policies.

Maxar reported on January 7, 2019 that its WorldView-4 satellite experienced a failure in its control moment gyros, preventing the satellite from collecting imagery due to instability. Maxar operations put the satellite in a safe configuration at that time. The satellite was built by Lockheed Martin and the CMGs were provided by Honeywell.

WorldView-4 was acquired by GeoEye prior to its merger with DigitalGlobe in 2013. It was launched in November 2016 and generated revenues of approximately $85 million in fiscal year 2018.

Insurance proceeds have already been received from several insurers and full payment is expected to be delivered within 30 days. Maxar will use the proceeds to invest in its pre-existing capital priorities, including the development of its innovative WorldView Legion constellation.

The operations of DigitalGlobe, SSL and Radiant Solutions were unified under the Maxar brand in February; MDA continues to operate as an independent business unit within the Maxar organization.