RigNet Signs Multi-Year Agreement to Provide Intelie's Machine Learning Platform for Frac'ing and Drilling Operations

Rhea-AI Summary

RigNet, Inc. (NASDAQ: RNET) has secured a multi-year contract with a leading independent exploration and production firm in the Permian Basin. This collaboration will implement Intelie's AI-driven real-time analytics software, Intelie Live, aimed at enhancing operational efficiency and financial performance. The platform assists in decision-making during drilling, promising lower operational costs and increased output. CEO Lelio Souza emphasized Intelie's success in delivering high-value solutions, which supports digital transformation while improving safety and minimizing environmental impacts.

Positive

• Awarded a multi-year contract with a premier exploration and production company in the Permian Basin.
• Implementation of Intelie's AI analytics platform to enhance operational efficiency.
• Potential for reduced operational costs and increased production through improved decision-making.

Negative

• None.

HOUSTON, Nov. 18, 2020 /PRNewswire/ -- RigNet, Inc. (NASDAQ: RNET), the leading provider of ultra-secure satellite communications and intelligent networking solutions, announced today that it has been awarded a multi-year contract with a premier independent exploration and production company focused on the Permian Basin.  The contract brings Intelie's suite of AI-backed real-time machine learning solutions and software to this operator after a series of proof of value campaigns demonstrating its ability to support a broad array of digitalization initiatives and deliver best-in-class operational results.

Intelie's machine learning analytics platform, Intelie Live, will be used to increase operational efficiency and improve overall financial performance.  Intelie Live's real-time analytics capability assists in the decision making process throughout the drilling and completion process, enabling operators to deliver wells that cost less and produce more. 

"Our proven track record of rapidly delivering high-value solutions and critical improvements to our clients' daily operations is what differentiates Intelie from other software companies." said Lelio Souza, CEO of Intelie, a wholly owned subsidiary of RigNet.  "Intelie Live accelerates our customers' digital transformation implementation and provides live, real-time information allowing operators to maximize productivity, improve safety, and reduce environmental impacts. By using this robust and flexible platform, they can also add new machine learning apps to even further capitalize on the power of AI-backed machine learning."

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 Over-the-Top applications, Industrial-IoT 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.  Our ability to deliver services and enable our customer's efficiency, financial results, and saftey are examples of forward looking statements and 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 quarterly 10-Q filings, 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.

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SOURCE RigNet, Inc.

FAQ

What is the significance of RigNet's new contract with a company in the Permian Basin?

The contract signifies RigNet's commitment to providing advanced digital solutions and underscores the growing demand for AI-backed operational efficiencies in the oil and gas sector.

How will Intelie's software benefit RigNet's client in drilling operations?

Intelie's software, Intelie Live, will improve decision-making during drilling, leading to lower costs and higher production rates.

What technology does RigNet use for operational efficiency?

RigNet utilizes Intelie's AI-backed real-time analytics platform to enhance operational efficiency and financial performance in drilling.

What are the expected outcomes of deploying Intelie Live?

The deployment of Intelie Live is expected to increase productivity, improve safety, and reduce environmental impacts in drilling operations.