August 21, 2014 4:35 PM ET

Energy Equipment and Services

Company Overview of RigNet, Inc.

Company Overview

RigNet, Inc. provides network infrastructure services for the remote communications needs of the oil and gas industry. The company operates through three segments: Americas, Europe/Africa, and Middle East/Asia Pacific. It offers remote communications services through a controlled and managed Internet protocol/multiprotocol label switching (IP/MPLS) global network, enabling drilling contractors, oil companies, and oilfield service companies to communicate. The company offers a communications package of voice, data, video, networking, and real-time data management to offshore and land-based remote locations. It primarily provides voice-over-Internet-protocol, data, and high-speed Internet acce...

1880 South Dairy Ashford

Suite 300

Houston, TX 77077

United States

Founded in 2000

481 Employees

Phone:

281-674-0100

Fax:

281-674-0101

Key Executives for RigNet, Inc.

Chief Executive Officer
Age: 56
Total Annual Compensation: $365.4K
Chief Financial Officer
Age: 51
Total Annual Compensation: $276.3K
Senior Vice President
Age: 60
Total Annual Compensation: $273.0K
Chief Technology Officer and Senior Vice President of Business Services
Age: 41
Total Annual Compensation: $182.6K
Group Vice President of Western Hemisphere
Age: 57
Total Annual Compensation: $221.0K
Compensation as of Fiscal Year 2013.

RigNet, Inc. Key Developments

RigNet, Inc. Appoints Sheldon Mundle as Vice President and Chief Information Officer

RigNet, Inc. announced that Sheldon Mundle has been named to the new position of Vice President and Chief Information Officer (CIO). Based at RigNet's Houston headquarters, Mundle will plan and lead the company's information technology (IT) systems strategy and implementation in support of the Company's growth objectives and focus on maintaining the higher levels of network reliability and customer satisfaction. His most recent executive position was as the SVP and CIO at BTC (a Cable & Wireless Telecom company), where he was responsible for the IT department during a significant business transformation period and supported that company's mission of providing quality communication services to governments, small and medium-sized businesses and private consumers.

RigNet, Inc. Renews Contract with Major Global Offshore Drilling Contractor for Managed Remote Communications Services

RigNet, Inc. announced that it has signed a renewal contract to serve a major global offshore drilling contractor, on an ultra-deepwater semi-submersible drilling rig operating in the Barents Sea. RigNet has upgraded the VSAT bandwidth for the rig to 8Mbps full duplex for operations in the Barents Sea close to 74 degrees north latitude. RigNet has demonstrated the capability to provide cost efficient, high quality VSAT solutions with high uptime in the Barents Sea for several years. A high-performance and secure network is a high priority for the oil and gas community, ensuring effective and reliable communications, both offshore and onshore, and access to business-critical IT applications. Through this contract, RigNet is delivering a fully-managed end-to-end IP network solution using VSAT technology for last-mile connectivity. RigNet's fully managed network solutions ensure that the rig derives greater value from network services through increased standardization and innovation. The solution includes VoIP, enterprise data and Internet access services supported by 24/7 network monitoring and support from RigNet's Network Operations Center and, if required, local field technician support, with backhaul to the company's offices via MPLS connection.

RigNet, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014

RigNet, Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported revenue of $80,656,000 against $51,329,000 a year ago. Operating income was $9,802,000 against $7,594,000 a year ago. Income before income taxes was $9,186,000 against $7,467,000 a year ago. Net income attributable to company common stockholders was $5,667,000 or $0.31 per diluted share against $4,861,000 or $0.28 per diluted share a year ago. Adjusted EBITDA was $18,806,000 against $16,208,000 a year ago. Adjusted EBITDA (non-GAAP measure) was $18,806,000 against $13,902,000 a year ago. Revenue increased by $5.6 million, or 7.5%, for the three months ended June 30, 2014, as compared to the previous quarter due to results from the recent acquisition, Inmarsat's Enterprise Energy business unit, and increased revenue-per-site offset by lower revenue from the telecommunications systems integration (TSI) business segment. The increase in adjusted EBITDA resulted from organic growth in the core managed services business and, to a lesser extent, contributions from the recent acquisition partially offset by increased compensation associated with headcount additions. Capital expenditures were $11.6 million in the second quarter compared to $8.5 million in the same quarter last year and $9.7 million in the previous quarter. For the six months, the company reported revenue of $155,699,000 against $104,147,000 a year ago. Operating income was $15,155,000 against $13,774,000 a year ago. Income before income taxes was $14,709,000 against $13,754,000 a year ago. Net income attributable to company common stockholders was $7,862,000 or $0.44 per diluted share against $8,596,000 or $0.50 per diluted share a year ago. Adjusted EBITDA was $35,014,000 against $26,523,000 a year ago. Adjusted EBITDA (non-GAAP measure) was $35,014,000 against $26,523,000 a year ago. Net cash provided by operating activities was $10,040,000 against $9,473,000 a year ago. Capital expenditures for the year-to-date were $21.3 million, including $1.2 million of expenditures related to ERP implementation against $15.1 million a year ago. The majority of capital expenditures continue to represent revenue-generating capital expenditures at the edge.

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