Maxar Technologies (NYSE:MAXR) (TSX:MAXR), provider of comprehensive space solutions and secure, precise, geospatial intelligence, today announced that the Guyana Ministry of Natural Resources (MNR) has entered into a three-year contractual agreement with Maxar to provide the nation with environmental monitoring services for both offshore and terrestrial applications.
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This Maxar WorldView-3 image, collected January 15, 2022, shows offshore petroleum activity in the Guyanese Exclusive Economic Zone (EEZ). (Credit: Maxar Technologies)
Guyana's Environmental Protection Agency (EPA) will utilize Maxar's Crow's Nest Maritime Monitoring and Security products to support offshore petroleum monitoring. The EPA will use the Crow's Nest Maritime Tipping and Cueing Service, which leverages Maxar's very-high resolution optical satellites, to monitor drilling vessels for regulatory compliance and safety. It will also use the Crow's Nest Multi-Sensor Oil Detection Service to identify potential spills.
The agreement with Guyana marks Maxar's first Crow's Nest contract in Latin America and the Caribbean and is an important milestone in the application of Crow's Nest to the environmentally critical use case of monitoring offshore petroleum activity.
Guyana's economy has grown significantly as a result of the influx of capital from newly discovered offshore oil and gas resources, and Maxar's monitoring capabilities will help Guyana's EPA ensure the resource is sustainably managed, environmentally safe and able to be extracted for years to come.
Also included in the agreement, the Guyana Forestry Commission will combine several Maxar capabilities to track illegal deforestation, protect mangroves and safeguard the country's biodiversity. Products that will support this work include:
- SecureWatch : This cloud-based platform provides on-demand access to Maxar's high-accuracy, high-resolution satellite imagery and analytics.
- Persistent Change Monitoring (PCM) : PCM highlights human changes in an area and displays persistent change accessibly as a color-coded geospatial data layer.
- Imagery tasking capabilities.
"Maxar's geospatial data and analytics will help MNR protect the environment for future generations while also sustainably developing the extraction of Guyana's natural resources for long-term economic gains," said Hon. Vickram Bharrat, M.P, Guyana's Minister of Natural Resources.
"Maxar is the only company that can offer these diverse environmental monitoring technologies under a single contract," said Tony Frazier, Maxar's Executive Vice President and General Manager of Public Sector Earth Intelligence. "We applaud Guyana's Ministry of Natural Resources for applying our industry-leading technology to help meet its environmental goals."
Maxar Technologies (NYSE:MAXR) (TSX:MAXR) is a provider of comprehensive space solutions and secure, precise, geospatial intelligence. We deliver disruptive value to government and commercial customers to help them monitor, understand and navigate our changing planet; deliver global broadband communications; and explore and advance the use of space. Our unique approach combines decades of deep mission understanding and a proven commercial and defense foundation to deploy solutions and deliver insights with unrivaled speed, scale and cost effectiveness. Maxar's 4,400 team members in over 20 global locations are inspired to harness the potential of space to help our customers create a better world. Maxar trades on the New York Stock Exchange and Toronto Stock Exchange as MAXR. For more information, visit www.maxar.com .
About the Guyana Ministry of Natural Resources (MNR)
MNR's mission is to develop, implement and oversee policies for the responsible exploration, development and utilization of natural resources whilst ensuring the protection and conservation of the environment and advancement of the green economy.
This press release may contain forward-looking statements that reflect management's current expectations, assumptions and estimates of future performance and economic conditions. Any such forward-looking statements are made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The Company cautions investors that any forward-looking statements are subject to risks and uncertainties that may cause actual results and future trends to differ materially from those matters expressed in or implied by such forward-looking statements, including those included in the Company's filings with U.S. securities and Canadian regulatory authorities. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, other than as may be required under applicable securities law.
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