RigNet Receives $6 Million of Further Funding

HOUSTON -- July 7, 2005 -- RigNet Inc., a privately held provider of managed communications services to the oil and gas industry, announced today it has secured $6 million in Series C financing. RigNet received a new investment from Sanders Morris Harris Private Equity Group in this round. All of RigNet's existing investors participated in this round, including The Altira Group and Energivekst.

"This investment marks a significant milestone in our growth," said Omar Kulbrandstad, chief executive officer. "We will continue our aggressive expansion into new geographical areas, expand our team of professionals, and increase our marketing efforts."

The company has already expanded its management team with the hiring of Joshua Tabin as chief financial officer and the promotion of Lars P. Eliassen to vice president of global operations.

Mr. Tabin, who previously served as treasurer with Rackspace Managed Hosting, a fast growing managed web hosting company, will be responsible for the company's fiscal function and performance, treasury management, capital structure and investor relations. Tabin brings with him more than 10 years of financial management experience in technology and telecommunications businesses.

Mr. Eliassen joined RigNet in February 2002. Prior to joining RigNet, he served as director of marketing with Production Access, an oil and gas software company. At RigNet, Mr. Eliassen has served as vice president of land and production and as vice president of U.S. operations. In his new position, Mr. Eliassen will be responsible for the company's operations that span the major regions for oil and gas production worldwide.

About RigNet Inc.

Established in 2001, RigNet Inc. provides broadband, plug-and-play, voice and video networks exclusively to offshore rigs and remote locations of drilling and production operations. Oil and gas operators and drilling contractors benefit from RigNet's secure, reliable and economical communications network. Based in Houston, Texas, RigNet has offices throughout the United States oil patch, in Singapore, Qatar, Nigeria, UK and Norway. The company serves remote locations in Asia, Middle East, West Africa, Australia and the U.S.