OneWeb takes $229m hit from satellites not returned by Russia
OneWeb CEO Neil Masterson states in the company's annual report that the six remaining launches required for complete global coverage with its first generation of satellites were postponed, and it is now working with SpaceX towards global network coverage in 2023. The company announced in June that contracts for all six additional launches had been secured.
In July, OneWeb and French satellite operator Eutelsat signed a memorandum of understanding to merge the two companies into a larger global player in space-based telecoms. The combined entity would have satellite networks in both low Earth orbit and geostationary orbit, enabling it to. The merger is expected to complete in the first half of 2023. It is believed that OneWeb will continue to operate the low Earth orbit part of the business and remain headquartered in the UK.
OneWeb said it has received $2.7 billion in equity funding and has no external debt other than lease liabilities. ®
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