RigNet Stock - background check on the acquired satellite networking specialist

RigNet, once a listed satellite networking provider under the ticker RNET, was acquired in 2021 and delisted. With no fresh filings or analyst updates, Sunday’s focus turns to the company’s history, former business model and where its stock last traded before acquisition.

Edited by ad hoc news Background & Management Desk. Verified prior to publication on 06/21/2026, 20:15 UTC. Details in the imprint.

RigNet (US7735991054) was a Nasdaq-listed provider of managed communications services to the energy sector before being acquired and taken private in 2021. With no new investor-relations releases or analyst notes, today’s look centers on that transaction and RigNet’s former role in digitalizing remote oil and gas operations.

How the acquisition unfolded

RigNet entered a definitive agreement in December 2020 to be acquired by Viasat in an all-stock transaction valued at roughly $222 million, including net debt. The deal aimed to combine Viasat’s satellite broadband capabilities with RigNet’s managed communications and analytics platform for energy customers worldwide.

According to the Viasat and RigNet joint IR release dated 12/21/2020, RigNet shareholders received Viasat shares based on a fixed exchange ratio. The companies highlighted cost synergies and cross-selling opportunities into offshore drilling, maritime and other remote operations as strategic drivers for the transaction.

What changed for former shareholders

The transaction closed in 2021, after which RigNet stock was delisted from Nasdaq and the company became a wholly owned subsidiary of Viasat. Former RigNet shareholders transitioned into Viasat ownership through the agreed share exchange, effectively ending RigNet’s independent trading history under the ticker RNET.

Post-closing, RigNet stopped publishing stand-alone financial statements or guidance, with its business integrated into Viasat’s enterprise and mobility segments. For investors, any remaining economic exposure to RigNet’s operations now runs solely through Viasat stock rather than a separate RigNet listing.

Background on RigNet’s leadership

Before the acquisition, RigNet was led by CEO Steven Pickett, who emphasized expanding beyond basic connectivity into managed applications and data analytics for offshore and remote industrial sites. The board included industry veterans with experience across oilfield services, telecom and enterprise IT.

Management framed the Viasat deal as a way to gain access to broader satellite capacity and capital while preserving RigNet’s specialized focus on complex enterprise networks. The leadership also pointed to increased scale as helpful in winning multi-year contracts with global energy majors and maritime operators.

How the company made money

RigNet generated revenue primarily by delivering managed communications services, including satellite and fiber connectivity, to offshore oil and gas platforms, drilling rigs and other remote industrial sites. The company also offered network design, cybersecurity, unified communications and data-analytics solutions tailored to operational technology environments.

Contracts were typically multi-year, with recurring service fees linked to bandwidth, managed services and value-added applications. RigNet’s business model relied on combining leased satellite capacity with its own network infrastructure and software to provide turnkey solutions for customers that preferred outsourcing connectivity and IT operations.

The product behind the stock

One representative RigNet offering was its fully managed VSAT-based communications service for offshore rigs, which integrated satellite links, onboard network equipment, cybersecurity and voice services into a single managed package for energy operators. This product aimed to keep remote crews securely connected to corporate networks and real-time data.

Where the stock trades today

RigNet (US7735991054) no longer trades as an independent stock following its 2021 acquisition and delisting from Nasdaq, so there is currently no live market price or venue quote for RigNet shares.

Key facts on RigNet stock

• Company: RigNet Inc.
• ISIN: US7735991054
• Ticker: RNET (historical)
• Venue: Nasdaq (historical)
• Sector / Industry: Communication services / Oil & gas equipment and services
• Index membership: none (company acquired and delisted)
• Next earnings date: not applicable (no longer listed)

This article was AI-assisted and editorially reviewed. Price and company data without warranty; prices and dates may change at short notice. No investment advice, no buy or sell recommendation. Trading securities involves risk up to total loss of capital.