HOUSTON, Dec. 29, 2014 (GLOBE NEWSWIRE) -- RigNet, Inc. (Nasdaq:RNET), a leading global provider of managed remote communications solutions, telecoms systems integration services and collaborative applications to the oil and gas industry, today announced that it has acquired Timas Munaicom TOO ("Munaicom"), an oilfield communications company based in Almaty, Kazakhstan.
This acquisition positions RigNet to provide remote communications services in Kazakhstan, and serves as a beachhead for further expansion in Central Asia. Under the terms of the deal, RigNet acquires 49 percent of the shares in Munaicom. Following the acquisition, Munaicom remains a licensed telecommunications provider in Kazakhstan.
"RigNet's reach is greater than ever before as a result of this acquisition," said Hector Maytorena, RigNet's group vice president, Eastern Hemisphere. "RigNet now has the ability to serve customers within Kazakhstan, with plans to expand more broadly within the Central Asian region."
Initially, the company will continue to operate in Kazakhstan under the name Munaicom. Both companies expect business operations to continue as usual.
Established in 2011, Munaicom acquired its valid provider's license for the provision of VSAT services in November 2011.
RigNet (Nasdaq:RNET) is a leading global provider of managed remote communications, telecoms systems integration and collaborative applications dedicated to the oil and gas industry, focusing on offshore and onshore drilling rigs, energy production facilities and energy maritime vessels. RigNet provides solutions ranging from fully-managed voice and data networks to more advanced applications that include video conferencing and real-time data services to over 1,200 remote sites in over 45 countries on six continents, effectively spanning the drilling and production industry. RigNet is based in Houston, Texas. For more information, please visit www.rig.net. RigNet is a registered trademark of RigNet, Inc.
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