November 4, 2008
RigNet Recognized as Texas' Eleventh Fastest-Growing Technology Company in Deloitte's 2008 Texas Technology Fast 50 Program
Rapid Global Growth Attributed to 1,814 Percent Revenue Increase Over the Past Five Years
HOUSTON, TX - November 4, 2008 - RigNet, Inc., a leading global provider of managed communication services for the upstream oil and gas industry, today announced it has been selected for the 3rd year in a row by Deloitte & Touche LLP as one of the 50 fastest growing technology companies in the state of Texas. For 2008, RigNet is ranked number 11 on this prestigious list of growing technology, media, telecommunications and life sciences companies, which is up three spots from number 14 in 2007.
Deloitte's Texas Technology Fast 50 is based on percentage of revenue growth over five years. RigNet's revenue growth of 1,814 percent from 2003 to 2007 earned it a number 11 ranking overall and a number 3 ranking in Houston, the largest city in Texas and the fourth-largest in the United States. The average increase in revenues among companies who made the Texas Technology Fast 50 for this region was 1,496 percent.
"We are honored to be recognized for our strong performance and position as a market leader in the managed communication services industry," said Mark Slaughter, RigNet's CEO and president. "I attribute our phenomenal growth and success to our outstanding team and their dedication to providing innovative technologies and products that deliver on upstream oil and gas industry communications needs."
To qualify for the Texas Technology Fast 50, companies must have operating revenues of at least $50,000 in 2001 and $5 million in 2005, be headquartered in Texas, own proprietary technology or proprietary intellectual property that contributes to a significant portion of the company's operating revenues, or devote a significant proportion of revenues to the research and development of technology.
About RigNet, Inc.
RigNet, Inc. is a leading global provider of managed communication services exclusively to the upstream oil and gas industry. The company holds the prestigious Cisco Powered Network designation, meeting the most stringent standards for network reliability and performance, and was named one of America's fastest-growing private companies as ranked in Inc. magazine's distinguished Inc. 500. RigNet has worldwide installations throughout 34 countries and six continents, spanning the global offshore drilling and production industry. Based in Houston, Texas, RigNet has offices in Louisiana, Brazil, Malaysia, Nigeria, Norway, Qatar, Saudi Arabia, Singapore, UAE and the UK. For more information, visit http://www.rig.net/.
