Inmarsat plc Reports Full Year Results 2008

LONDON - Inmarsat plc (LSE: ISAT), the leading provider of global
mobile satellite communications services, today reported consolidated
financial results for the year ended 31 December 2008.

These consolidated results for Inmarsat plc include the
financial results of CIP UK Holdings Limited and its subsidiaries, including
Stratos Global Corporation (”CIP”) for the year ended 31 December 2008.
Please note that where we refer to “Inmarsat Core” we include only the
results of Inmarsat plc and subsidiaries and exclude CIP.

Inmarsat plc - Full Year 2008 Highlights

- Total revenue $996.7 million (2007: $576.5 million)

- Inmarsat Core revenue up 13.9% to $634.7 million (2007: $557.2 million)

- EBITDA $531.2 million (2007: $388.1 million)

- Inmarsat Core EBITDA up 12.5% to $431.6 million (2007: $383.5 million)

- Profit before tax $193.8 million (2007: $124.7 million)

- Launch of third Inmarsat-4 satellite completes global broadband
coverage

- Final dividend increased by 5.0% to 18.20 cents (US$) per share

Inmarsat Holdings Limited - Q4 2008 Highlights

- Q4 revenue up 20.4% to $160.6 million (2007: $133.4 million)

- Q4 EBITDA up 18.7% to $101.4 million (2007: $85.4 million)

- Q4 BGAN revenue up 78% to $20.1 million

Andrew Sukawaty, Inmarsat’s Chairman and Chief Executive
Officer said, “In 2008 we saw sustained growth across all our market sectors
and have delivered results well ahead of market expectations. The successful
launch of our third Inmarsat-4 satellite completes global coverage for our
broadband services and places us in a strong position to continue our growth
while at the same time our capital needs will reduce substantially. Despite
global economic uncertainty, Inmarsat Core trading results since the start of
the year have been positive and we remain cautiously optimistic that we can
deliver solid revenue growth in 2009.”

Inmarsat Core - Mobile Satellite Services

Increased demand for both our voice and data services
contributed to growth in maritime sector revenue of 7.2% year over year.
Growth in our base of active maritime terminals was up 5.8% for the year,
including growth of 36.7% in our base of active Fleet and FleetBroadband
terminals. Maritime industry reaction to our FleetBroadband service continues
to be very positive and in September FleetBroadband was chosen by A.P. Moller
Maersk, one of the world’s largest shipping companies, for a large retrofit
programme. During the fourth quarter we continued to see steady activations
of our Fleet terminals and an acceleration in the activation of
FleetBroadband terminals. Average usage levels on our Inmarsat B and Fleet
terminals, which are predominately used by the shipping industry, remained
strong through the fourth quarter.

In our land mobile sector we recorded revenue growth of 12.7%
for the year. This performance was driven by continued growth of our BGAN
service, which continues to attract new users to our network and drive higher
usage levels across our user base. Our base of active land mobile terminals
was up 2.3% for the year, while the number of active BGAN terminals was up
75%, ending the year at 27,635. Adjusting for approximately 1,200 BGAN
terminals that were temporarily used in Brazil during municipal elections,
net additions of BGAN terminals remained at a healthy level in the fourth
quarter.

Growth in our aeronautical sector was 45.4% and was the result
of sustained demand and high levels of usage for our Swift 64 service, which
continues to primarily serve government aircraft and business jets. Overall
active aeronautical terminals were up 13.5% year over year. Fourth quarter
additions to our base of active Swift 64 and SwiftBroadband terminals
remained strong and were ahead of additions in the third quarter. A number of
SwiftBroadband terminals have now been deployed by airlines to offer
in-flight connectivity services to passengers. Most recently, on 19 February
2009, Ryanair launched in-flight mobile phone services on 20 of its aircraft.
We believe in-flight passenger connectivity is a promising future market
opportunity.

Following a very successful year for signing new leases and
for existing contract renewals, revenue from our leasing business grew 20.4%
year over year.

Liquidity

We believe our liquidity position is strong and that we are
well positioned relative to current market conditions. At 31 December 2008,
the Inmarsat plc group (including CIP) had net borrowings of $1,443.8
million, including cash and cash equivalents of $156.4 million. Inmarsat Core
had net borrowings of $1,244.7 million, including cash of $51.4 million.
Inmarsat Core also had a revolving credit facility with an amount available
but undrawn at the end of the year of $160 million.

Outlook for Inmarsat Core

The positive trends in all our business sectors have been maintained in
the early trading results for 2009. In particular, we have not yet seen a
material impact on the overall performance of our maritime sector as a result
of global economic slowdown. In addition, as we have a significant proportion
of our revenue from government customers and as commercial customers tend to
have a high degree of day-to-day reliance on our services, we believe our
business is well positioned against economic downturn. As a result, we are
cautiously optimistic that our business will continue to show solid revenue
growth in 2009.

Allowing for the movement of around $45 million of capital
expenditure deferred from 2008 to 2009, we expect our cash capital
expenditure in 2009 will be in a range of $150 to $160 million (excluding
deferred satellite payments) and will primarily fund our investments in
Alphasat and Global Satellite Phone Services.

In April 2009 we expect to exercise a call option to complete
the acquisition of Stratos Global and we are optimistic about the prospects
for the enlarged group. There is no financing or material funding requirement
in connection with exercising the call option or completing the acquisition.

The outlook provided here for Inmarsat Core should not be
taken to incorporate or reflect the prospects for CIP.

Other Information

A webcast recording of our analyst presentation to be held on
12 March at 9:30am will be posted to our website after the event. To access
the webcast please go to the investor relations section of our website at
www.inmarsat.com. Inmarsat management will also host a conference call on
Thursday, 12 March at 2:00pm London time (United States 10:00am EST). To
access the call, please dial +44(0)20-7162-0025 and enter the access code
826268. A recording of the call will be available for one week after the
event. To access the recording please dial +44(0)20-7031-4064 and enter the
access code 826268.

2008 Results for Inmarsat Holdings Limited and Inmarsat Group Limited

Inmarsat Holdings Limited, through its subsidiary Inmarsat
Finance II plc, is the issuer of $450.0 million of 10.375% Senior Discount
Notes due 2012. Inmarsat Group Limited, through its subsidiary Inmarsat
Finance plc, is the issuer of $310.4 million of 7.625% Senior Notes due 2012.
Inmarsat Holdings Limited and Inmarsat Group Limited will report full year
2008 results on Form 20-F and expect to file these reports with the SEC on or
around 29 April 2009.

To assist analysts and investors in their understanding of the
results announced today, the following unaudited financial tables for the
fourth quarter are provided for Inmarsat Holdings Limited, prepared in
accordance with IFRS.

Inmarsat Holdings Limited

Revenue Breakdown (unaudited) Fourth quarter ended December
31,
2008 2007 %
Difference
Revenues (US$ in millions)
Maritime sector:
voice services 26.3 25.6 2.7%
data services 56.6 49.9 13.4%
Total maritime sector
Land mobile sector: 82.9 75.5 9.8%
voice services 2.6 3.5 (25.7%)
data services 32.3 24.9 29.7%
Total land mobile sector 34.9 28.4 22.9%
Aeronautical sector 18.2 11.9 52.9%
Leasing 21.2 14.7 44.2%
Total mobile satellite
communications services 157.2 130.5 20.5%
Other income 3.4 2.9 17.2%
Total revenue 160.6 133.4 20.4%

Inmarsat Holdings Limited

Net Operating Costs Fourth quarter ended December
(unaudited) 31,
2008 2007 % Difference
(US$ in millions)
Employee benefit costs 23.7 26.3 (9.9%)
Network and satellite
operations costs 11.0 8.7 26.4%
Other operating costs 31.2 18.8 66.0%
Work performed by the Group (6.7) (5.8) 15.5%
and capitalised
Total net operating costs 59.2 48.0 23.3%

Forward-looking Statements

Certain statements in this announcement constitute
“forward-looking statements” within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995. These forward-looking statements
involve risks, uncertainties and other factors that may cause our actual
results, performance or achievements, or industry results, to be materially
different from those projected in the forward-looking statements. These
factors include: general economic and business conditions; changes in
technology; timing or delay in signing, commencement, implementation and
performance of programmes, or the delivery of products or services under
them; structural change in the satellite industry; relationships with
customers; competition; and ability to attract personnel. You are cautioned
not to rely on these forward-looking statements, which speak only as of the
date of this announcement. We undertake no obligation to update or revise any
forward-looking statement to reflect any change in our expectations or any
change in events, conditions or circumstances.

Source: Inmarsat plc

Contact: Inmarsat plc, London, UK, Investor Enquiries:, Simon Ailes, +44-20-7728-1518, simon_ailes at inmarsat.com. Media Enquiries: Christopher McLaughlin, +44-20-7728-1015, christopher_mclaughlin at inmarsat.com