By Andrew Chuter
LONDON — When Lockheed Martin said last year it was to use a European-built satellite as part of its offset offering in a $7 billion agreement with South Korea to buy F-35A fighters, the company was short on detail as to exactly what was involved in this unusual arrangement.
That veil of secrecy lifted a little Tuesday, when a seemingly innocuous press release posted on the website of Blenheim Capital announced the British offset experts had set up a subsidiary company in Luxembourg to "purchase, launch and provide satellite communications capacity, initially to the Asia Pacific region."
Neither Lockheed Martin nor Blenheim would comment on whether there was a link between the statement last year and the offset companies announcement this week.
But a European executive with knowledge of the satellite communications industry said Blenheim is part of a deal involving the supply of one military and two civil satellites as part of the offset arrangement between Lockheed Martin and South Korea.
Lockheed agreed to a deal with South Korea for the sale of 40 F-35 combat jets last year. Some 50 percent of the value of the near $7 billion agreement is covered by offset arrangements.
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