The following statements do not constitute an offer to sell or the solicitation of offers to buy any securities of ORBIMAGE Inc.

ORBIMAGE Inc.
today released a statement regarding financing for its
planned OrbView-5 satellite after it was awarded a contract on September 30th,
by the U.S. Government, through the National Geospatial-Intelligence Agency
(“NGA”), for the development and launch of the satellite under NGA’s NextView
Second Vendor Program.

The Company estimates that its total project cost (including financing and
launch insurance costs) to bring the OrbView-5 satellite into service in the
first quarter of 2007 will be approximately $502 million. In order to perform
its obligations under the NextView contract, ORBIMAGE will fund its cost share
for the project through a combination of an equity offering of $65 million as
described below, an issuance of $155 million of senior subordinated
indebtedness, and $45 million in cash flow from existing operations. NGA’s
contract will also provide revenue commitments to commence following OrbView-
5’s in-service date.

ORBIMAGE has received commitments from investors to purchase 6.5 million
units at $10 per unit. Each unit consists of one share of common stock and
one warrant with an exercise price of $10 per share and a 5-year maturity.
The Company intends to call $32.5 million of this commitment by privately
issuing to these investors 3.25 million units by late October 2004, together
with 1.0 million warrants on the same terms. To raise the remaining $32.5
million of the equity portion of financing to cover its cost share of the
NextView project, the Company is currently planning to conduct a rights
offering to its shareholders that would commence in late 2004 or early 2005 to
purchase an additional 3.25 million units on the same terms. Any rights
offering by the Company would be conducted only pursuant to an offering
registered under the Securities Act of 1933. The Company has not yet set a
record date for the rights offering and will not announce such record date
prior to its occurrence, but the Company expects that such record date will be
set no earlier than late November 2004. The Company intends to seek approval
from its shareholders for an increase in its authorized shares in order to
conduct the offering. If the rights offering is undersubscribed by
shareholders, the aforementioned investors have agreed to backstop the
offering pursuant to their aforementioned commitment.

ORBIMAGE has received commitments from investors to fund the $155 million
in aggregate principal amount of additional senior subordinated indebtedness.
The additional senior subordinated indebtedness will rank pari passu with the
Company’s existing Senior Subordinated Notes due 2008 (the “Senior Sub Notes”)
and will not have any scheduled amortization or a maturity date prior to the
scheduled maturity of the Senior Sub Notes. The parties who committed to the
additional senior subordinated indebtedness will receive a commitment fee
equal to 100 basis points in cash for the total aggregate principal to which
their commitments relate plus a pro rata share of 155,000 shares.
Additionally, if the commitments have not been refinanced by three months and
six months from contract execution, the Company will pay such parties
additional commitment fees in cash, equal to 50 basis points and 100 basis
points, respectively.

At September 30, 2004 the Company had received consents from the holders
of a majority of its Senior Sub Notes and from all of the holders of its
Senior Notes due 2008 that would permit the Company to use up to $45 million
of its cash flow from existing operations toward project costs for the
OrbView-5 Satellite. The consenting holders who held notes on the record date
of July 29, 2004, will receive a consent fee in additional notes equal to 200
basis points on the principal amount of the notes to which the holders’
consents relate. Pursuant to the consents received from the noteholders, the
Senior Sub Notes and the Senior Notes will not be callable by the Company
until January 1, 2007.

About ORBIMAGE:

ORBIMAGE is a leading global provider of Earth imagery products and
services, with a constellation of digital remote sensing satellites and a
worldwide integrated image receiving, processing and distribution network. The
company currently operates the new OrbView-3 high-resolution satellite
launched on June 26, 2003 which offers one-meter panchromatic (black and
white) and four-meter multispectral (color) digital imagery on a global basis
and the OrbView-2 ocean and land multispectral imaging satellite that was
launched in 1997.

For more information about ORBIMAGE, please visit our web site at
http://www.orbimage.com.

This release contains forward-looking statements within the meaning of
section 27A of the Securities Act and Section 21E of the Securities Exchange
Act of 1934, as amended. These forward-looking statements involve known and
unknown risks and uncertainties. ORBIMAGE’s actual financial results could
differ materially from those anticipated due to the company’s dependence on
conditions in the remote sensing industry, the level of new commercial imagery
orders, production rates for advanced image processing, the level of defense
spending, competitive pricing pressures, start-up costs and possible overruns
on new contracts, and technology and product development risks and
uncertainties.