KKR acquires 27% stake in oilfield communications specialist RigNet


oil pipes_sqPrivate equity major KKR has become the largest shareholder in RigNet after acquiring a 27 per cent stake in the Houston-based oilfield communications specialist.

KKR did not disclose how much it paid for the 4.75 million RigNet shares.

The company provides managed remote communications, systems integration and collaborative applications to the global upstream energy sector.

Its technologies range from fully-managed voice and data networks to more advanced applications that include video conferencing and real-time data services.

RigNet serves offshore and onshore drilling rigs, production facilities and energy maritime, providing services to more than 1,100 remote sites in over 30 countries.

KKR’s head of Europe Johannes Huth said, “We are investing in a fast-growing global market leader that has created an attractive niche at the intersection of three of our core investment themes – energy, technology, and services.

“All three sectors exhibit structural growth well ahead of broader GDP trends.

“We are excited about this addition to our investment portfolio and we look forward to supporting RigNet’s growth strategy as a patient and constructive shareholder.”

KKR has just launched an asset-based lending unit, which will focus on maritime assets in the offshore oilfield services and traditional shipping sectors.

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