L.M.S. Explorer teleporter / radar

The colors make sense considering how it looks when things teleport in-game.

I saw the preview of this and thought it was a creepy ufo.

I don't know how the old teleporter/rader looked, but this is cool.

You can check out the Rock Raiders intro for comparison (the part, where the ship gets sucked into the wormhole to be specific). I can't guarantee, that I replicated it exactly, but if you consider, that the video quality isn't that great I would say, that I did a pretty decent job of it.

And this is on the underside of the ship, correct?

Yes, it's on the underside.

Here is the Rock Raiders intro as a reference (the "best" look at the teleporter/radar is from 1:15 to 1:16 and the extended intro doesn't provide more footage of the dishes):