Press Release

Sea Launch and Inmarsat Sign Launch Agreement

By SpaceRef Editor
March 1, 2004
Filed under , ,

Sea Launch Company,
LLC, and Inmarsat Ltd, the Total Communications Network(TM), 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.”

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

SpaceRef staff editor.