Boeing to run Iridium’s new satellite network

Satellite operator Iridium Communications Inc. has hired The Boeing Co. as the exclusive operations and maintenance provider for its next-generation satellite constellation.

Iridium also extended its agreement with Boeing to continue operating its current satellite network, and to oversee the transition to the new satellites once they are operational.

Financial terms of the agreements weren’t disclosed, though Iridium says modifying its contract with Boeing for its existing satellite network will free up $15 million in restricted cash required under the previous agreement.

In June, Iridium signed the largest single commercial launch deal ever, agreeing to pay Reston-based Space Exploration Technologies Inc. $492 million to launch multiple satellites as part of its new Iridium NEXT network. SpaceX will use its Falcon 9 vehicle, the first privately funded, manned spaceship, to put the satellites in orbit beginning in 2015. Iridium is also in discussions with at least one other launch services provider.