Under the agreement, between 2009 and 2013 Arianespace will send five satellites up into space for SES from its launch site in French Guyana while ILS will launch another five satellites from Baikonour, Kazakhstan.

Financial details of the agreement were not given, but The Wall Street Journal Europe reported that the deal was worth about 700 million dollars (523 million euros), which an industry source said was a "realistic" price.

Under the deal, Arianespace and ILS have agreed to launch satellites for the other company if ever there is a problem during a launch, which is often highly risky.

A spokesman for Luxembourg-based SES said that the agreement, which includes options for further launches, would cover two-thirds of the company's satellite launch needs up to 2013.

SES chief executive Romain Bausch said: "We are confident that with these innovative agreements in place, the continuous development and replacement of our global satellite fleet is ensured at attractive terms and conditions for the foreseeable future."

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