HOUSTON, Dec. 15, 2020 /PRNewswire/ -- RigNet, Inc. (NASDAQ: RNET) today announced the extension of its contract with ProPetro Services, Inc. ("ProPetro") a subsidiary of ProPetro Holding Corp. (NYSE: PUMP), a leading provider of hydraulic fracturing services in North America. Throughout 2021, ProPetro will leverage Intelie Live, RigNet's ultra-secure, intelligent networking solutions for upstream oil and gas operations. Intelie Live provides a powerful machine learning based analytics platform and will continue to augment ProPetro's highly efficient hydraulic fracturing operations.
Intelie Live has enabled operational efficiencies at ProPetro by reducing costly downtime, identifying anomalies, and optimizing predictive maintenance for capital equipment. With the ability to analyze the overall performance of heavy machinery in real-time, Intelie Live plays an integral role in unlocking efficiencies at the wellhead.
"We have been using Intelie for more than a year and are very impressed with the results. It's been a valuable tool in enhancing the services we deliver to our customers," said Adam Muñoz, Senior Vice President of Operations," This Artificial Intelligence-based solution, along with RigNet's secure managed communications services, has helped ProPetro strategically enhance equipment monitoring capabilities."
Ricardo Clemente, Vice President of Business Development for Oil and Gas for RigNet and Co- founder of Intelie, commented, "We are very excited that ProPetro has extended their commitment to use Intelie's suite of solutions to enhance their operations. As we expand our reach to other customers in the industry, this is a true testament to the value Intelie brings to our clients. By stacking Intelie Live for frac operations with our secure communications, our industry-leading machine learning analytics continues to deliver results that boosts both the top and bottom line."
ProPetro Holding Corp. is a Midland, Texas-based oilfield services company providing pressure pumping and other complementary services to leading upstream oil and gas companies engaged in the exploration and production of North American unconventional oil and natural gas resources. For more information, please visit www.propetroservices.com
RigNet (NASDAQ: RNET) delivers advanced software, optimized industry solutions, and communications infrastructure that allow our customers to realize the business benefits of digital transformation. With world-class, ultra-secure solutions spanning global IP connectivity, bandwidth-optimized OTT applications, IIoT 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.
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 and financial results 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.
SOURCE RigNet, Inc.