OneWeb Successfully
Emerges From Chapter 11, Announces New CEO and
Recommences Satellite Launches
20 November 2020
OneWeb, announces its
emergence from U.S. Chapter 11 bankruptcy
protection and achievement of all relevant
regulatory approvals. A consortium of UK
Government (through the UK Secretary of State
for Business, Energy and Industrial Strategy)
and Bharti Global, has invested $1bn of new
equity to offer broadband connectivity services,
via a constellation of 650 LEO satellites.
OneWeb will continue to be
headquartered in the UK, bringing new R&D
programmes, manufacturing opportunities and a
global platform with priority spectrum usage
rights. The company will ensure that the UK is
at the forefront of a new commercial space
industrial age, evolving technology and
innovation, and will work with the UK commercial
and academic space communities, along with other
international specialists, in its research and
development activities.
In connection with
completion of the restructuring process, OneWeb
is pleased to announce that Neil Masterson has
been appointed CEO. Neil is formerly Co-Chief
Operating Officer at Thomson Reuters having
enjoyed a 20-year career with the global
provider of news, information, and software.
He succeeds Adrian Steckel,
who continues as an Adviser to the Board. Adrian
joined OneWeb as CEO in September 2018 and has
guided OneWeb through three successful launches,
delivering 74 satellites into orbit, and
securing priority spectrum use rights for
OneWeb.
Neil Masterson comments: “I
am looking forward to helping the OneWeb team
deliver and commercialise their vision to
provide internet access across the globe. OneWeb
has a strong social purpose to improve the
world’s access to information, which I share. It
has great talent, a compelling commercial
opportunity, and is supported by committed and
knowledgeable owners and investors.
“Our December launch puts
the UK firmly in the global space business,
alongside acknowledged Indian telecoms experts,
Bharti Global. OneWeb will be a model for
responsible co-operation in Space.”
Sunil Bharti Mittal,
Founder and Chairman of Bharti Enterprises,
comments: “This new phase and focus for the
Company brings new leadership from Neil
Masterson, who has extensive experience
successfully operating global technology
platforms in a complex industry undergoing rapid
change.
“Together with our UK
Government partner, we recognised that OneWeb
has valuable global spectrum with priority
rights, and we benefit from $3.3bn invested
to-date and from the satellites already in
orbit, securing our usage rights. I would like
to thank Adrian Steckel for his valued
contribution.
Sunil Bharti Mittal
continues: “These are exciting times and the
world now has a LEO alternative to work with. We
look forward to partnering with those equally
determined to enter this new Space Age. There is
unmet demand around the globe for broadband
connectivity and we intend to continue OneWeb’s
social mission. We will use our joint venture
facility to drive down cost of service, opening
new use cases for low latency broadband
provision.”
UK Secretary of State for
Business, Energy and Industrial Strategy Alok
Sharma said: “This strategic investment
demonstrates Government’s commitment to the UK’s
space sector in the long-term and our ambition
to put Britain at the cutting edge of the latest
advances in space technology.
“Access to our own global
fleet of satellites has the potential to connect
people worldwide, providing fast UK-backed
broadband from the Shetlands to the Sahara and
from Pole to Pole.
“This deal gives us the
chance to build on our strong advanced
manufacturing and services base in the UK,
creating jobs and technical expertise.”
OneWeb also announces the
target date of 17th December 2020 for its Return
to Flight, with a 36-satellite payload scheduled
for launch by Arianespace from the Vostochny
Cosmodrome. All the satellites have been shipped
from Florida to Vostochny and are now undergoing
preparation for launch.
Due to investment decisions
made by the new shareholders, the joint venture
facility with Airbus in Florida, USA was
re-activated and the dual production lines
brought back into service.
Launches will continue
throughout 2021 and 2022 and OneWeb is now on
track to begin commercial connectivity services
to the UK and the Arctic region in late 2021 and
will expand to delivering global services in
2022.