RigNet Inc.

11/05/2019 | Press release | Distributed by Public on 11/05/2019 07:07

RigNet Signs Multi-Year Agreement with Brazilian Operators Offering Managed Communications on Floating Production Storage and Offloading (FPSO) Installations

HOUSTON, Nov. 05, 2019 (GLOBE NEWSWIRE) -- RigNet (NASDAQ: RNET, the company), the leading provider of ultra-secure, intelligent networking solutions, announced today that it has signed a multi-year agreement, after winning a public bid with Petrobras, to add fully Managed Communication services with O3B VSAT technology on six of their FPSO installations. This is in addition to four FPSOs Petrobras awarded RigNet last year. This represents RigNet's ongoing expansion of its portfolio of FPSO deployments for a total seventeen awarded in Brazil alone. Today, RigNet is the only service provider in Brazil to offer O3B connectivity through its Managed Communication Service. RigNet's global expansion in the FPSO market also includes a multi-year agreement awarded in October to provide Managed Communication Service and deployment of RigNet's suite of Crew Welfare applications on three FPSOs in Thailand.

RigNet's high-performance O3B connectivity provides its clients with the highest-capacity, lowest-latency, and most flexible satellite-based data communications for critical remote connectivity. With RigNet's Managed Communications service, operators benefit from a secure, intelligent networking solution to support critical data and communication needs for their remote locations.

'We are very pleased with our ongoing growth into the production sector of the energy market,' said Steven Pickett, Chief Executive Officer and President of RigNet. 'We are focused on offering the broadest range of communication solutions, including O3B technology, to meet the unique needs of the energy value chain in Brazil and around the world.'

About RigNet, Inc.:

RigNet (NASDAQ: RNET) delivers advanced software and communications infrastructure that allow our customers to realize the business benefits of digital transformation. With world-class, ultra-secure solutions spanning IP connectivity, bandwidth-optimized OTT applications, IIoT big data enablement, and industry-leading machine learning analytics, RigNet supports the full evolution of digital enablement, empowering businesses to respond faster to high priority issues, mitigate the risk of operational disruption, and maximize their overall financial performance. RigNet is headquartered in Houston, Texas with operations around the world. For more information, please visit http://www.rig.net.

Forward Looking Statements

This press release includes 'forward-looking statements' within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995 - that is, statements related to the future, not past, events. Forward-looking statements are based on the current expectations and include any statement that does not directly relate to a current or historical fact. In this context, forward-looking statements often address our expected future business and financial performance, including the expected benefits of acquiring and integrating other businesses, and often contain words such as 'anticipate,' 'believe,' 'intend,', 'will', 'expect,' 'plan' or other similar words. These forward-looking statements involve certain risks and uncertainties, including those risks set forth in Item 1A - Risk Factors of the Company's most recent 10-K filing, and ultimately may not prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. For further discussion of risks and uncertainties, individuals should refer to RigNet's SEC filings. RigNet undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement.

Investor Relations Contact:Lee M. Ahlstrom
Senior Vice President and Chief Financial Officer
RigNet, Inc.
Tel: +1 (281) 674-0699

Source: RigNet, Inc.