RigNet Completes Asset Acquisition of Energy Satellite Services (ESS)
HOUSTON, July 31, 2017 (GLOBE NEWSWIRE) -- RigNet, Inc. (NASDAQ:RNET), announced today that it has completed the acquisition of substantially all assets of Energy Satellite Services (ESS) in a cash transaction valued at US$22.2 million. Based in Midland, Texas, ESS is a supplier of wireless communications services via satellite networks primarily to the midstream sector of the oil and gas industry. The assets acquired enhance RigNet's product offering, add to our existing midstream Supervisory Control and Data Acquisition (SCADA) customer portfolio, and strengthen our US land and Internet-of-Things (IoT) market position.
Post-acquisition, RigNet will service over six thousand sites, becoming a leader in North American midstream communication services. This expanded footprint and infrastructure enables RigNet to provide customers with the latest industrial IoT technology platforms for business operations and continuity, as well as backup connectivity services to ensure network reliability.
"With the ESS acquisition, RigNet continues to meet one of its strategic objectives to diversify along the energy value chain by increasing our activity in the midstream sector. The combined product portfolio strengthens our position to deliver leading-edge technology and solutions in the SCADA and IoT marketplace," said Steve Pickett, RigNet's CEO & president.
RigNet (NASDAQ:RNET) is a leading global specialized provider of customized systems and solutions serving customers with complex data networking and operational requirements. RigNet provides solutions ranging from fully-managed voice and data networks to more advanced applications that include video conferencing, crew welfare, asset monitoring and real-time data services. RigNet is based in Houston, Texas and has operations around the globe.
For more information on RigNet, please visit www.rig.net. RigNet is a registered trademark of RigNet, Inc.
Media / Investor Relations Contact: Charles E. Schneider SVP & Chief Financial Officer RigNet, Inc. Tel: +1 (281) 674-0699