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ORBCOMM INC (ORBC)
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ORBCOMM : Clearwater works with Norways maritime war risk insurance club (DNK) to develop ground-breaking digital solutions for maritime insurance market

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10/11/2018 | 05:33pm CET

Poole - UK-based technology company, Clearwater Tracking (http://www.clearwatertracking.com/) , has teamed with DNK (Den Norske Krigsforsikring for Skib) (https://www.warrisk.no/) , the Norwegian maritime war risk insurance club, to provide DNK members with a state-of-the-art hardware and software solution that enables near real-time monitoring of ship positions and breach reporting, all fully integrated into the Clearwater Portal.

The unique system has been developed jointly between the two parties to offer fleet operators a cost-effective approach to automate war risk insurance reporting requirements, including direct integration into DNKs back-office functionalities, and provides a platform to enable other digital services to Norwegian fleet owners.

Clearwater Tracking and DNK have partnered to provide the first end-to-end truly digital platform for maritime insurance, operations and management, deploying advanced satellite technology from ORBCOMM for cost-effective, near real-time data on vessel position, breach reporting and other on-board information DNK insures some USD 224 billion in assets and is the world leader in marine war risk insurance. Some 470 shipping companies are covered by the association against possible damage resulting from war, terrorism, piracy and cyber attacks. A strong commitment to damage prevention through intelligence-gathering and other security measures has been made by DNK over many years, and the new system strengthens this capacity.

Until now, reporting when a ship enters or leaves a high-risk area has depended on manual routines. Each ship owner is responsible for filing reports directly to DNK. Using the Clearwater technology, all reporting is now automated and interfaces directly with the Paris insurance system delivered by Norways Noria company, eliminating delays or errors which may invalidate insurance.

The Clearwater solution features the advanced high-capacity Raptor satellite transponder, developed in partnership with Orbcomm Inc. (https://www.orbcomm.com/) (Nasdaq ORBC), a market-leading provider of industrial Internet-of-Things solutions, and a software suite that includes the Clearwater Portal supported by a 24-hour operations cell that provides crisis management response and global maritime intelligence alerts. Collectively, the solution will also provide customers with access to the most comprehensive and intuitive maritime domain awareness tools in the market.

The high-capacity Raptor satellite transponder developed in partnership with Orbcomm Inc. (Nasdaq ORBC), a market-leading provider of industrial IoT solutions The software suite is supported by a 24-hour operations cell that provides crisis management response and global maritime intelligence alerts Raptors low-cost data transmission capability will enable fleet operators to access near real-time vessel positioning and any other on-board information that can improve both the efficiency and overall effectiveness of fleet operations and management. Clearwater and DNK have agreed a programme of installations covering 2,700 vessels.

The solution has the potential for truly global reach, with 2,700 vessel installations already in the pipeline Developed jointly by Clearwater and DNK over the last 18 months, the bespoke technology offers the first end-to-end truly digital platform for the maritime insurance market.

The insurance business is witnessing rapid technological progress characterised by digitalisation and the interconnection of systems, said DNK Chief Executive Svein Ringbakken.

Our ambition in DNK is to be among the leaders of this development within marine insurance. The digital tracking system being offered to shipowners has been chosen primarily because it automates time-consuming processes on the insurance side. However, its also important that our member companies get the opportunity to use the information in their own operations and that other sensors can be tied in.

DNK has been an inspirational partner to work with and the solution that we have jointly developed is truly a market-leading innovation," said Clearwater CEO, William Unwin. "The project represents a striking example of digital enterprise delivering tangible benefits to the Norwegian maritime community. DNK and Clearwater intend to scale this valuable innovation for the benefit of the wider marine markets.

Will Unwin, CEO, Clearwater Globally, the wider marine market stands to benefit from this valuable innovation ENDS ** About Clearwater Tracking

Clearwater provides systems, solutions and services to enhance maritime domain awareness and enable seamless integration of commercial vessel information with shore-based corporate applications. Clearwater technologies are used by fleet operators and maritime service providers worldwide to improve operating efficiencies, streamline reporting requirements, automate back-office functionality and enhance vessel security. Clearwater maintains a 24/7 overwatch on all its customers vessels and can provide immediate crisis management support from its Operations Centres in the UK and Malaysia.

**

For more information please contact:

Office of William Unwin (CEO, Clearwater) To be directed to Sue Duddington sue@clearwatertracking.com (mailto:sue@clearwatertracking.com) Tel: + 44 (0) 1202 724923

**

PR contacts:

Rachael White Next Level Information rachael@nextlevelinfo.com (mailto:rachael@nextlevelinfo.com) Tel: +44 203 327 7562

Damian Schogger Dasch Communications damian@dasch.co.uk (mailto:damian@dasch.co.uk) Tel: +447730 573 028

.

(C) 2018 M2 COMMUNICATIONS, source M2 PressWIRE

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Sales 2018 286 M
EBIT 2018 0,26 M
Net income 2018 -22,7 M
Debt 2018 196 M
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P/E ratio 2019
EV / Sales 2018 3,05x
EV / Sales 2019 2,65x
Capitalization 677 M
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