Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRSLTR
Source: 0000950123-25-000379
Chunk: 8

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRSLTR
Chunk 8
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 are reasonable and supportable such that inclusion of this forward-looking information in your financial statements is appropriate.

Laura Veator Stephen Krikorian January 17, 2025 Page 7 Response: The Company acknowledges the Staff’s comment and has withdrawn the reference to expected synergies from Note 35 on page F-91 in Amendment No. 1. Financial Statements of Intelsat S.A. - Notes to Consolidated Financial Statements Note 1 - Background and Summary of Significant Accounting Policies C-bandSpectrum Clearing, page F-104

| 16. | Please further clarify how you determined to account for ARP receipts and reimbursable expenditures in                                                                
 accordance with ASC 610. In your response, clarify the specific non-financial assets that are being de-recognized, how you controlled them prior to entering into the 
 agreement, and how control was transferred as a result of the agreement. Clarify the carrying value of the assets, if any, at the date of transfer.                   |

Please also clarify why the estimated reimbursement payments are included in the total transaction price. In this regard, it appears these reimbursements relate to costs you have capitalized as satellites and property and equipment that you continue to control and intend to use in your operations. Tell us how you considered accounting for the reimbursements as a reduction of the cost of these assets. Please also clarify why the reimbursements are included in income from operations while the gain on disposition of ARP rights is non-operatingincome. Response: The Company acknowledges the Staff’s comment and advises the Staff that the FCC Final Order provided for monetary incentives for fixed satellite service providers (including Intelsat) to clear the lower 300 MHz of the C-bandspectrum on an accelerated basis. As background, the FCC granted Intelsat the rights to transmit (“spectrum rights”) in certain segments of electromagnetic spectrum within the U.S., under certain licenses and market access authorizations, including those granting Intelsat the right to transmit to earth from certain of its satellites in a portion of spectrum known as the “C-band.”The FCC published its Final Order (“FCC Final Order”) requiring the holders of C-bandlicenses or market access rights (including Intelsat) to cease using the lower 300 MHz of the C-bandby December 5, 2025. To comply with the FCC Final Order, Intelsat needed to relocate customers utilizing the portion of spectrum to be surrendered to spectrum in the upper portion of the C-band.The FCC Final Order provided that the holders of C-bandauthor