RigNet Buys Scotland's Nessco for Close to $50M
by: Andrew Schneider, July 9, 2012 10:07:00 am
As its name indicates, RigNet has largely focused on remote communications for rigs. But the company is aiming to grow into the offshore production market and the energy maritime market. Mark Slaughter is president and CEO of RigNet.
"With the acquisition of Nessco, the company can now play a broader role across the energy value chain, providing these remote communications not just to the drilling phase but also the production phase, to be able to serve oil and gas wells across their entire life."
RigNet will pay more than $46 million in cash for Nessco's business and working capital, including the company's 30,000 foot headquarters in Aberdeen. That could be bumped up to $49 million depending on whether Nessco meets certain post-closing events.
A conference call for investors to discuss the acquisition is scheduled for 10 a.m. Houston time.