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Completion of RigNet transaction

3rd Feb 2014 09:00

RNS Number : 0683Z
Inmarsat PLC
03 February 2014
 



 

Inmarsat completes sale of Inmarsat retail energy operations to RigNet

3 February 2014 - Inmarsat (LSE:ISAT.L), the leading provider of global mobile satellite communications services, today confirmed that, following regulatory and other approvals, it has now completed the sale of its retail energy operations to RigNet, Inc. (NASDAQ: RNET), a leading global provider of managed remote communications solutions to the oil and gas industry. The sale is part of a wide-ranging strategic transaction between the two companies, which also includes the appointment of RigNet as a Value Added Reseller (VAR) for Inmarsat's game-changing Global Xpress® service and as a Distribution Partner for Inmarsat's award-winning L-band services to the energy sector.

 

Under the deal, Inmarsat sold to RigNet substantially all of its retail energy broadband assets, which include Inmarsat's microwave and WiMAX networks in the US Gulf of Mexico, its VSAT interests in the UK, the US and Canada, its telecommunications systems integration business operating worldwide, and its retail L-band energy satcoms business. In 2012, the operations subject to the sale had total revenues of US$68 million. The transaction excludes Inmarsat's energy interests in Russia.

 

For Further Information

Chris McLaughlin

Senior VP, External Affairs

Head of Corporate Communications

D +44 (0)20 7728 1015

M +44 (0)779 627 6033

chris.mclaughlin@inmarsat.com

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
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