RigNet Wins Global Fleet-Wide Multi-Year Contract

Rhea-AI Summary

RigNet, Inc. (NASDAQ: RNET) announced a multi-year contract with a major offshore drilling company for fully managed communications services and global satellite access to its drilling fleet. This contract enhances existing services, integrating RigNet's Machine Learning platform, Intelie, among other advanced solutions. The COO emphasized that this contract validates RigNet's role in improving customer performance through secure digital transformation. The deal includes a global multiband satellite architecture and advanced video intelligence capabilities.

Positive

• Secured a multi-year contract with a significant offshore drilling company, enhancing revenue potential.
• Incorporation of advanced services like Intelie's Machine Learning and global satellite access indicates technological leadership.
• The contract expansion supports RigNet's ongoing strategy in digital transformation and operational efficiency for clients.

Negative

• None.

HOUSTON, Oct. 5, 2020 /PRNewswire/ -- RigNet, Inc. (NASDAQ: RNET), the leading provider of ultra-secure managed communications services and advanced software solutions, announced today that it has been awarded a multi-year contract with another premier offshore drilling company to provide fully managed communications services and global satellite access to its entire global drilling fleet.  The new contract expands the already existing services which include RigNet's Machine Learning platform, Intelie, and other over the top applications, intelligence and network security solutions to support the digital transformation of assets in some of the harshest environments imaginable.

"Landing this significant contract with one of the largest contractors in the industry is a true testimony to the value RigNet creates through its expanded portfolio of value-added services that enable customers recognize improved financial, operational, and safety performance during their drilling campaigns," said Errol Olivier, RigNet's Chief Operating Officer.  "Our success at developing mission-critical solutions to help our customers digitally transform their businesses on the most secure managed communications infrastructure in the world delivers meaningful value to our customers in the ever-evolving offshore industry."

The new contract will bring together RigNet's global multiband satellite architecture, redundant terrestrial backhauls, crew welfare, Advanced Video Intelligence (AVI), and the Machine Learning solutions of Intelie.

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, improve crew morale, provide data security and detect threats, and enable our customer's efficiency, financial results, and safety 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 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 announced on October 5, 2020?

The contract signifies RigNet's expansion in securing managed communications services for a major offshore drilling company, enhancing their operational capabilities and revenue.

How will the new contract impact RigNet's services?

The contract will integrate RigNet's advanced solutions, including Machine Learning and global satellite access, which will improve client service offerings in harsh environments.

Which company did RigNet secure a contract with?

RigNet secured a contract with a premier offshore drilling company, enhancing their managed communications services across the client's global fleet.

What technology does RigNet utilize in its new contract?

RigNet will utilize its global multiband satellite architecture, redundant terrestrial backhauls, and advanced video intelligence technology in the new contract.