08:36 AM EDT, 05/15/2024 (MT Newswires) -- (Updates with recent stock price movement in the last paragraph.)

Iridium Communications ( IRDM ) said Wednesday that its partner, American Aerospace Technologies, received the US Federal Aviation Administration's approval for beyond visual line of sight, BVLOS, drone operations on behalf of an oil and gas industry customer.

The company said the waiver allows American Aerospace to conduct aerial infrastructure surveillance in California's San Joaquin Valley. It also said the waiver clears the path for businesses to utilize BVLOS uncrewed aerial systems for operational support and situational awareness.

Shares of Iridium were up 1% in recent premarket trading.

Price: 30.59, Change: +0.31, Percent Change: +1.02