24 Jun 2019 12:00
Inmarsat and RigNet agree to settle arbitration case
24 June 2019: Inmarsat plc (LSE: ISAT.L), the world leader in global mobile satellite communications, is pleased to confirm it has entered into a settlement agreement with RigNet in full and final settlement of all claims in respect of the arbitration case at the International Centre for Dispute Resolution relating to Inmarsat's GX Take-or-Pay contract with RigNet.
A final settlement of US$50.75m will be paid to Inmarsat. The settlement will be paid in three instalments, the first two of which will total US$50.0m, to be paid before the middle of July 2019.
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Contacts:
Investor Enquiries: Rob Gurner Tel: +44 (0)20 7728 1518 rob.gurner@inmarsat.com | Media Enquiries: Jonathan Sinnatt Tel: +44 (0)20 7728 1935 jonathan.sinnatt@inmarsat.com
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About Inmarsat
Inmarsat is the world leader in global, mobile satellite communications. It owns and operates the world's most diverse global portfolio of mobile telecommunications satellite networks, and holds a multi-layered, global spectrum portfolio, covering L-band, Ka-band and S-band, enabling unparalleled breadth and diversity in the solutions it provides. Inmarsat's long-established global distribution network includes not only the world's leading channel partners but also its own strong direct retail capabilities, enabling end to end customer service assurance.
The company has an unrivalled track record of operating the world's most reliable global mobile satellite telecommunications networks, sustaining business and mission critical safety & operational applications for 40 years. It is also a major driving force behind technological innovation in mobile satellite communications, sustaining its leadership through a substantial investment and a powerful network of technology and manufacturing partners.
Inmarsat operates across a diversified portfolio of sectors with the financial resources to fund its business strategy and holds leading positions in the Maritime, Government, Aviation and Enterprise satcoms markets, operating consistently as a trusted, responsive and high-quality partner to its customers across the globe.
For further information, follow us on LinkedIn or on Twitter @InmarsatGlobal.