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Inmarsat has agreed to hand over operations of its retail energy unit to RigNet in a potential $25 million transaction that supports a strategic alliance intended to support global market expansion.
The purchase includes microwave and WiMAX facilities in Canada, Russia, the United Kingdom and the U.S. as well as an international telecommunications business, and is expected to close by next year, Inmarsat said Thursday.
Under the partnership, RigNet also signed a four-year prepurchase agreement to become a distributor of Inmarsat“™s Global Xpress service.
“We are excited about this partnership as it enhances the strategic positioning of both companies as we seek to address the communications needs of the global energy sector together,“ Inmarsat CEO Rupert Pearce said.
“This partnership prepares the way for a fast and successful takeup of Global Xpress services in the global energy sector,“ Pearce added.
According to RigNet CEO and President Mark Slaughter, the alliance will enable the company to offer a range of services to support drilling, production and other exploration activities in the oil and gas sector.
Inmarsat notes it received consulting and legal counseling services from Steptoe & Johnson and Trinity Advisers to facilitate the RigNet transaction.
RigNet is a Texas-based firm that supports remote communications services in some 1,100 oil and gas sites of more than thirty countries in six continents.
