Oil rig. Photo: Pete Markham (Flickr)
RigNet saw its overall Full Year 2020 revenues decrease 14.4% compared to 2019, due to a continued economic slump in the energy sector. But, the company is beginning to see some signs of life from its applications and Internet of Things (IoT) businesses as it enters the process of being acquired by satellite operator
Viasat.
RigNet brought in $47 million in Fourth Quarter (Q4) 2020 revenue, a decrease of $17.0 million, or 26.6%, compared to its Q4 revenue of $64.1 million in 2019. Its Q4 Managed Communications Services revenue decreased by $9.5 million compared to Q4 2019. RigNet’s management attributed this to oil and gas rig-stacking, which decreases the total number of rigs it has to service, as well as non-recurring service installation revenue from LTE network expansions that happened last year in the Gulf of Mexico.