RigNet, now Viasat energy services, is a leading provider of managed communications services, cybersecurity solutions, and machine learning analytics for remote operations, including those in the energy, maritime, and government sectors. As a networking provider, they deliver secure connectivity and actionable intelligence through IIoT networks and their Intelie Live analytics platform. RigNet partners with various organizations to provide services such as VSAT communications and cybersecurity protection, with customers including offshore drilling companies and other industries requiring remote operational support.
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INTELIE, which was part of Viasat’s 2021 RigNet acquisition, will provide operational AI expertise, real-time data analytics, and planning components to the Inteliwell joint venture.
RigNet merged its capabilities with Viasat in 2021 to form Viasat Energy Services, offering a global managed services network infrastructure.
RigNet merged its capabilities with Viasat in 2021 to form Viasat Energy Services, which offers a global managed services network infrastructure.
Viasat acquired RigNet prior to the Inmarsat deal to build vertical integration in energy communications.
The transaction between Viasat and RigNet was initially announced on 2020-12-21.
RigNet’s stockholders approved the transaction on 2021-04-21.
Viasat Inc. completed its acquisition of RigNet, Inc. on 2021-04-30.
Viasat acquired RigNet in 2021.
Viasat intends to incorporate RigNet into its Global Enterprise and Mobility business unit led by President Jimmy Dodd.
The all-stock transaction values RigNet at an enterprise value of approximately $222,000,000 based on Viasat’s share price as of the date of the agreement and RigNet’s net debt at 2020-09-30.
The transaction values RigNet at an enterprise value of approximately $222,000,000 based on Viasat’s share price as of the agreement date and RigNet’s net debt at 2020-09-30.
The transaction represents approximately $130,000,000 in RigNet equity value and the assumption of approximately $92,000,000 in RigNet debt, net of cash, at 2020-09-30.
RigNet has deployed more than 11,000 Industrial Internet of Things (IIoT) sites.
RigNet has deployed more than 1,200 onshore and offshore sites globally.
RigNet has deployed more than 1,200 onshore and offshore sites and 11,000 Industrial Internet of Things (IIoT) sites.
Viasat Inc. agreed on 2020-12-21 to acquire Houston-based communications firm RigNet Inc. in an all-stock transaction valued at approximately $222,000,000 based on Viasat’s current share price and RigNet’s debt.
RigNet’s business is based on providing broadband connectivity and networking capabilities from a global deployment of more than 1,200 onshore and offshore sites and 11,000 industrial internet-of-things sites.
RigNet is not required to pay any amount to Inmarsat until after the arbitration panel rules on RigNet's Phase II counterclaims, which the panel expects to issue in spring 2019.
An arbitration panel at the International Centre for Dispute Resolution ruled that a take-or-pay obligation from RigNet's January 2014 satellite capacity contract with Inmarsat had commenced and that RigNet owed Inmarsat $50,800,000.