Sea Launch and Inmarsat Sign Launch Agreement

Sea Launch Company,
LLC, and Inmarsat Ltd, the Total Communications Network™, announce
the signing of a launch services agreement under which Sea Launch
will be the contractor for the launch of the second Inmarsat I-4 satellite,
presently planned for 2005. The agreement, signed on December 16,
2003, includes an option for an additional launch at a later date
and for Sea Launch to be the backup on the first Inmarsat I-4 launch,
currently planned for late 2004.

“This is a significant milestone for Sea Launch and is further
confirmation of our enviable track record of reliability, credibility,
integrity and value,” said Jim Maser, president and general
manager of Sea Launch. “This contract represents an important
step in broadening our standing in the international launch and satellite
community. We appreciate Inmarsat’s confidence in the Sea Launch
system and team, and we welcome this highly-respected customer to
our growing family of customers.”

The 5900 kg (13,000 lb) Inmarsat I-4 satellite is a Eurostar 3000
design built by EADS Astrium and, when launched, will be the largest
commercial satellite. The Inmarsat 4 series of spacecraft, Inmarsat’s
fourth generation of satellites, are designed to support the new Broadband
Global Area Network (BGAN), which is currently planned to be introduced
during 2005 to deliver Internet and intranet content and solutions,
video on demand, videoconferencing, fax, e-mail, phone and LAN access
at speeds up to 432 kbit/s to easily-used terminals the size of laptops.
BGAN will also functionally emulate third-generation (3G) cellular
systems. Each satellite will be 60 times more powerful than one of
the present generation.

Inmarsat Ltd, headquartered in London, is the world’s leading
mobile satellite communications company. It operates a constellation
of geostationary satellites providing reliable voice, high and low
speed data service that extend phone, fax and data communications
across the world.

Michael Storey, president and CEO of Inmarsat, said, “BGAN
is a key strategic investment for the company’s plans to pursue
a range of new opportunities at the convergence of information technology,
telecoms and mobility while continuing to serve traditional maritime,
aeronautical, land-mobile and remote-area markets.”

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Notes to Editors

Forward-looking Statements

Certain statements in this announcement constitute “forward-looking
statements” within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995. These forward-looking statements involve
risks, uncertainties and other factors that may cause our actual results,
performance or achievements, or industry results, to be materially
different from those projected in the forward-looking statements.
These factors include: general economic and business conditions; changes
in technology; timing or delay in signing, commencement, implementation
and performance of programmes, or the delivery of products or services
under them; structural change in the satellite industry; relationships
with customers; competition; and ability to attract personnel. You
are cautioned not to rely on these forward-looking statements, which
speak only as of the date of this announcement. We undertake no obligation
to update or revise any forward-looking statement to reflect any change
in our expectations or any change in events, conditions or circumstances.

About Inmarsat Limited

• Inmarsat Ltd owns and operates a unique global mobile satellite
  network and delivers its communications solutions through a worldwide
  network of approximately distributors and other service providers
  to end users in the maritime, land and aeronautical sectors.
• Inmarsat Ltd has a portfolio of mobile satellite solutions,
  including voice, fax, intranet and Internet access and other data
  services.
• Inmarsat Ltd has 25 years’ experience in designing,
  implementing and operating satellite networks. At the end of December
  2003, approximately 290,000 terminals were registered to access Inmarsat
  Ltd’s services.
• Inmarsat Ltd is also supported by partners in the fields
  of equipment manufacture, software provision and systems integration.
• Inmarsat Ltd is a subsidiary of Inmarsat Ventures Ltd.
• Inmarsat is the exclusive global partner of the FIA World
  Rally Championship.

For more information, please contact:

Dominic Cook / John Warehand

Inmarsat Ltd

Tel: +44 20 7728 1256 / 1579

Fax: +44 20 7728 1179

Email: dominic_cook@inmarsat.com

Email: john_warehand@inmarsat.com

About Sea Launch Company LLC

Sea Launch Company, LLC, headquartered in Long Beach, Calif., and
marketed through Boeing Launch Services ( www.boeing.com/launch
), is recognized as the industry’s most reliable heavy-lift
commercial launch services provider. With the advantage of having
the world’s the only equatorial launch site, and in addition
to providing superior value and unprecedented schedule assurance,
the dependable Zenit-3SL rocket is capable of boosting heavier spacecraft
mass and providing longer on-orbit life. Comprised of Boeing (U.S.),
RSC Energia (Russia), SDO Yuzhnoye/PO Yuzhmash (Ukraine) and Aker
Kvaerner (Norway), this international partnership offers the most
direct and cost-effective route to geostationary orbit.

For additional information, visit the Sea Launch website at: www.sea-launch.com

For more information, please contact:

Paula Korn

Sea Launch Company, LLC

Tel: 562.499.4729 or 562.254.5684 (mobile)

Email: paula.korn@sea-launch.com