RigNet, Inc. (NASDAQ:RNET) Files An 8-K Other Events

ME Staff 8-k
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RigNet, Inc. (NASDAQ:RNET) Files An 8-K Other Events

RigNet, Inc. (NASDAQ:RNET) Files An 8-K Other Events
Item 8.01. — Other Events.

Arbitration Update

On June 24, 2019, RigNet, Inc. (the “Company”) announced that it has reached a settlement with Inmarsat Global Limited (“Inmarsat”) that concludes the GX Arbitration pending before the International Centre for Dispute Resolution. to the settlement, RigNet will pay Inmarsat $45 million immediately, $5 million in the third quarter of 2019, and $750,000 in the third quarter of 2020.

As previously disclosed by the Company, in October 2016, Inmarsat initiated arbitration proceedings with the International Centre for Dispute Resolution concerning the Company’s January 2014 take or pay agreement with Inmarsat to purchase up to $65.0 million, under certain conditions, of GX capacity over several years. On November 29, 2018, the arbitration panel issued a ruling finding that the Company’s minimum revenue commitment had commenced and calculated the Company owed Inmarsat $50.8 million, subject to any offsets from the Company’s counterclaims in Phase II of the arbitration and subject to any increases for additional claims of Inmarsat, interest and attorneys’ fees that could be awarded in Phase II of the Arbitration.

The full text of the press release announcing the settlement of the GX arbitration is furnished as Exhibit 99.1 to this Current Report on Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits:

99.1    Press release of RigNet, Inc. dated June 24, 2019


RigNet, Inc. Exhibit
EX-99.1 2 d712984dex991.htm EX-99.1 EX-99.1 Exhibit 99.1 .     PRESS RELEASE    FOR IMMEDIATE RELEASE RigNet Announces Settlement of Inmarsat Arbitration HOUSTON – June 24,…
To view the full exhibit click here

About RigNet, Inc. (NASDAQ:RNET)

RigNet, Inc. (RigNet) is a provider of digital technology solutions to the oil and gas industry. The Company provides managed remote communications, managed services and collaborative applications, focusing on offshore and onshore drilling rigs, energy production facilities, and energy maritime. The Company operates through three segments: Eastern Hemisphere, Western Hemisphere and RigNet Systems Integration and Automation. The Company’s Eastern Hemisphere segment provides remote communications services for customers and rig sites located on the eastern side of the Atlantic Ocean. The Company’s Western Hemisphere segment provides remote communications services for onshore and offshore customers and rig sites located on the western side of the Atlantic Ocean. The Company’s RigNet Systems Integration and Automation segment designs, assembles, installs and commissions solutions for customer telecommunications systems.