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Investing.com -- MDA Ltd (TSX:MDA) stock rose 4.5% Monday after the company announced a contract extension with Fisheries and Oceans Canada (DFO) to provide maritime satellite surveillance services for dark vessel detection.
The Canadian space technology company will continue delivering its Maritime Insights service to DFO’s Dark Vessel Detection program, utilizing multiple space-based sensors and AI-based intelligence to monitor illegal fishing activities. The contract amendment also enables future utilization of data from MDA CHORUS, the company’s next-generation Earth observation constellation expected to be operational by mid-2026.
"Canada is a leader in international efforts to combat illegal, unreported and unregulated fishing. MDA Space enables Canada and our partner nations to see, track and intercept illegal activities across vast ocean spaces," said Joanne Thompson, Canada’s Minister of Fisheries.
The extended agreement aligns with commitments outlined in the recent G7 Foreign Ministers’ Declaration on Maritime Security and Prosperity, reinforcing Canada’s position in promoting maritime security globally.
MDA’s Maritime Insights service fuses synthetic aperture radar from RADARSAT-2 with data from optical, radio frequency, automatic identification systems and vessel monitoring systems to counter deceptive techniques used in illegal maritime operations.
Mike Greenley, CEO of MDA Space, stated that "next-generation space-based technology like MDA CHORUS will be essential to ensuring continuity of this capability in priority coverage areas of high interest."