Avanti Communications has signed a contract with the European Space Agency (ESA) to take over ownership of the ARTEMIS satellite. The company will assume ownership from January 1st 2014 of the satellite, which offers communication services and will provide coverage of Europe, Africa and the Middle East. Avanti will pay nothing upfront and will assume modest operational costs which it expects will be offset by new revenues from the project.The satellite has fuel to allow operation to at least until the end of 2016 and still have sufficient reserves for safe de-orbiting at end of life."We are very pleased to have won the competition to own this satellite," said Avanti co-founder David Williams."It takes us into someinteresting new institutional markets with service from a new orbital position which may be impactful in the debt financing of a replacement satellite in future."Shares rose 3.14% to 238.50p at 10:52 on Monday.RD