Pacific Fibre announces US$200 million in sales

Pacific Fibre announces US$200 million in sales

Chairman Sam Morgan says funding of trans-Pacific cable to be completed by June.

Pacific Fibre has announced it has secured a fifth foundation customer for its undersea internet cable, bringing its total forward sales to US$200 million. “We are pleased to have secured another significant sale to a US customer, further de-risking the Pacific Fibre business for investors,” says Sam Morgan, co-founder and chairman.

CIO has approached Pacific Fibre CEO Mark Rushworth for more information on the sale, including information on the as yet unnamed customer.

In March Pacific Fibre said it had sold US$170 million of capacity, responding to speculation in Australia that its US$400 million cable might not be built.

The fifth customer is set to join New Zealand customers Vodafone NZ which has a 10 year contract, and state-owned REAANZ in New Zealand, and iiNet in Australia, who have so far signed up for access to international data over Pacific Fibre’s cables.

Pacific Fibre says it is set to complete raising the capital funding required to build the cable by June this year, and expects the project to be completed in 2014.

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