RigNet Announces Settlement of Inmarsat Arbitration
RIGNET (RNET)
Last rignet earnings: 5/7 04:20 pm
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US:NASDAQ Investor Relations:
investor.rig.net/investors
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Source: GlobeNewswire
HOUSTON, June 24, 2019 (GLOBE NEWSWIRE) -- RigNet, Inc. (NASDAQ: RNET, “RigNet” or “the Company”), the leading provider of intelligent networking solutions and specialized applications, today 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. Pursuant 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. “We are glad to put this matter behind us. While we are disappointed in the panel’s Phase I findings that a take or pay obligation under our January 2014 agreement had commenced, we believe that settling this matter reduces risk for our shareholders, customers, and employees. We were able avoid additional costs related to the arbitration and to secure value for our counterclaims which offsets Inmarsat’s additional claims, as well as their claims for in
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