Hibernia Hauls In Financing for Project Express

Hibernia Atlantic’s new transatlantic cable project seems to be picking up steam.  Today they announced $250M in funding for the buildout.  The money is coming from Huawei Marine Networks, which is of course one of Hibernia’s main vendors. I guess we know who’s got their eye on the equipment contract for the new cable, eh?  The new cable is aimed squarely at the low latency marketplace, promising sub-60ms round trip between New York and London.

The target date remains the summer 0f 2012, and they are looking forward to starting construction – though I’m sure there are other hoops to jump through on the way.

Will there be competition before long?  From what I’ve seen, cables get built in spurts.  In the pacific we had nothing for many years, and then suddenly TPE, Unity, and AAG in just a few quarters.  In Africa also, nothing and then several on each coast now in place or under construction.

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Categories: Financials · Undersea cables