|Over a week ago|
RigNet reports Q1 EPS ($1.34) vs. (63c) last year » 08:2705/0805/08/20
Reports Q1 revenue…
Reports Q1 revenue $58.76M vs. $57.5M last year. "RigNet's first quarter results were negatively impacted by the dual impacts of COVID-19 and unprecedented oil prices on energy industry activity," said Steven Pickett, Chief Executive Officer and President. "We are seeing some of our customers stacking rigs and others delaying decisions on new projects or services, and we expect the second quarter may prove more challenging than in the first. In the midst of this historically difficult environment, our team is focused on reducing costs and guarding liquidity while we ensure we are meeting our customers' needs."
|Over a month ago|
RigNet to hold Annual Meeting of Shareholders virtually » 08:1404/1704/17/20
RigNet announced that the…
RigNet announced that the 2020 Annual Meeting of Stockholders will be held virtually due to the public health impact of the novel coronavirus outbreak in order to support the health and well-being of the Company's stockholders, directors and management. As previously announced, the Annual Meeting will be held at 9:00 a.m. Central Time on May 6, 2020. Stockholders will not be able to attend the Annual Meeting in person.
RigNet downgraded to Neutral from Buy at National Securities » 07:5004/1704/17/20
National Securities analyst Allen Klee downgraded RigNet to Neutral from Buy.
RigNet announces GSA contract, CMMC Level 5 Certification » 08:2903/2403/24/20
RigNet has been awarded a…
RigNet has been awarded a five-year U.S. General Services Administration Multiple Award Schedule for Information Technology Professional Services contract. This contract includes 5 year renewal periods for a potential contract term of 20 years. Through the GSA Information Technology Large Category - federal, state and local governments now have access to RigNet's state-of-the-art global networking solutions, enhanced cybersecurity, military-grade hardware encryption and real-time machine learning applications. RigNet has also achieved Level 5 Cybersecurity Maturity Model Certification from the National Institute of Standards and Technology.
|Over a quarter ago|
RigNet announces amendment, extension of credit facility » 08:2502/2402/24/20
RigNet announced that it…
RigNet announced that it has amended its senior secured Credit Facility with its existing bank group led by Bank of America, N.A. as administrative agent. Among other things, the Amendment: Increases the Revolving Facility $15 million to $100 million and extends maturity to August 31, 2022; Replaces outstanding Term Notes by transferring $14.5 million to the Revolving Facility and establishing a new $16 million Term Facility with maturity of March 31, 2022; Sets the allowable Consolidated Leverage Ratio at 3.25 times Consolidated EBITDA through third quarter 2020, thereafter stepping down to 3.00 times through second quarter 2021, thereafter stepping down to 2.75 times through the maturity date of the Revolving Facility; Maintains the attractive pricing grid currently enjoyed by the Company; and Establishes a $30 million accordion.
RigNet signs long-term agreement with Northern Offshore » 08:2502/1002/10/20
RigNet announced that it…
RigNet announced that it has signed a long-term agreement with Northern Offshore, a global offshore drilling company, to provide various services to their fleet of rigs in the Middle East. Under this agreement, RigNet will provide several solutions including VSAT Managed Communications Services, CrewFlix Video on Demand, CrewHotspot internet, and Enhanced Cyber Services. RigNet is providing an advanced VSAT solution with voice and high-speed data communications as well as 24/7 remote network monitoring and technical support. This will be combined with RigNet's ECS offering, an improved data and system security solution with real-time threat detection, as well as an advanced conditional access system tailored for 3rd-party partners on offshore rigs. In addition, RigNet is also providing crew information and entertainment services from its CrewConnect portfolio, including CrewFlix, RigNet's video-on-demand service and Crew Hotspot, a dedicated crew internet access point. The CrewConnect portfolio provides services for improved crew morale in remote locations, enhancing operational efficiency through reduced employee turnover and increased productivity.
RigNet appoints appoints Errol Olivier as COO » 08:3301/0601/06/20
RigNet announced organizational changes designed to accelerate RigNet's transformation strategy as the company continues to move 'up the stack' and to further improve the company's industry-leading customer service and responsiveness. Effective immediately, Errol Olivier joins RigNet as SVP and COO. Reporting directly to President and CEO Steven Pickett, Olivier will be responsible for all customer-facing functions, including Sales, Sales Engineering, Service Delivery, Bids and Proposals, and the company's Global Network Operations Centers. His previous roles include President and CEO of MTN Satellite Communications. RigNet also announced the departure of SVP, Sales Jay Hilbert, effective January 6, 2016. Hilbert will provide consulting services on several discrete initiatives between now and March 31, 2020. Hilbert joined RigNet in 2016.
RigNet signs multi-year agreement with Brazilian operators » 08:2711/0511/05/19
RigNet announced that it…
RigNet announced 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. 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 signs strategic agreement with BP for Intelie Live » 08:4311/0411/04/19
RigNet (RNET) announced…
RigNet (RNET) announced that it has signed a multi-year agreement with BP (BP). RigNet's Intelie Live will deploy its machine learning based analytics in BP's Remote Collaboration Center, in order to improve operational efficiency and productivity across BP's drilling operations.
RigNet opens new office in Lafayette, Louisiana metropolitan area » 08:2410/2210/22/19
RigNet announced that it…
RigNet announced that it has completed the consolidation of four offices in the Lafayette area into a single new facility. This new office will accommodate RigNet's growing customer base and support its Gulf of Mexico operations including RigNet's new 4G LTE and 5G-capable network launched across more than 60,000 square miles of the Gulf of Mexico. This network now connects offshore workers, vessels and critical infrastructure in an area larger than the state of Florida. Local employees of recently acquired DTS, Autocomm and SAFCON will join RigNet's employees at this new office. The new facility is over 55,000 square feet of office and warehouse space and is RigNet's largest operational facility supporting all key functions for managed services with approximately 130 staff members based there. This location also includes a fabrication shop for RigNet's in-house fabrication as well as a dedicated area for customer factory acceptance testing for large scale projects.