OHB : Mitigation plan to minimize possible BREXIT impacts

Bremen, October 2, 2018. OHB System AG, a subsidiary of OHB SE (Prime Standard; ISIN: DE0005936124), has entered into an agreement with the British company Surrey Satellite Technology Ltd. (SSTL) and the European Space Agency (ESA). The parties have reached a preventive agreement which minimises the possible impact of the current Brexit negotiations on the Galileo satellite project and regulates the associated measures.

OHB System AG is prime contractor to the European Commission (EC) for the satellites for the Galileo navigation system, for which ESA acts as procurement authority for the EC; SSTL is supplying the payloads for the satellites in this project.

The parties involved have been exchanging views on the potential impact of Brexit on the project and mitigation opportunities for more than a year. With the mitigation plan now adopted, a sound solution has been found to minimise possible effects. The major part of the services to be provided by SSTL in the Galileo project is not affected by the UK's planned exit from the EU. According to the parties involved, the agreement can be implemented without affecting the original project schedule.