Higher Space Station Costs Seen for Boeing

Bloomberg News

Boeing Co., the top contractor on the international space station, faces new cost overruns on the complicated project that will further cut the company's bonus fees, the National Aeronautics and Space Administration said. Seattle-based Boeing could report next month that cost overruns have reached $800 million because of late parts deliveries, technical glitches and other problems, NASA said. That's more than 10% of Boeing's $7.45-billion piece of the $21.9-billion development project. The U.S. and 15 other countries are working on the space station, which will orbit Earth every 90 minutes and house as many as seven scientists conducting research in zero gravity. Delays in getting sections from Russia have already pushed back to December from July the first of 45 space shuttle launches needed to assemble the orbiting laboratory that will stretch two football fields long. Boeing shares rose $1.31 to close at $44.69 on the NYSE.

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