RigNet Investor Update

RigNet Investor Update

November 2020 Update

Enabling Intelligence.

Delivering Results.

2222 Enabling Intelligence. Delivering Results.

Forward-looking statements and non-gaap measures

Certain statements made in this presentation may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private

Securities Litigation Reform Act of 1995 — that is, statements related to the future, not past, events. Forward-looking statements are based on current expectations and include any

statement that does not directly relate to a current or historical fact. In this context, forward-looking statements often address our expected future business and financial performance,

and often contain words such as "anticipate," "believe," "intend, “will”, "expect," "plan" or other similar words. Forward-looking statements in this presentation include, without limitation,

statements regarding the current outlook for our segments, expected future sites to which we provide service, future revenue from project backlog, and expectation of loan forgiveness

through the Paycheck Protection Program. These forward-looking statements involve certain risks and uncertainties that ultimately may not prove to be accurate. Actual results and

future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from those contemplated in our forward-looking

statements include, among others: impact of COVID-19 or other pandemics on our business; adverse changes in economic conditions in the markets we operate; the extent, timing and

overall effects of competition in our industry; the impact of new, emerging or competing technologies; material changes in the communications industry that could adversely affect vendor

relationships with equipment and network suppliers and customer relationships with wholesale customers; unfavorable results of litigation or intellectual property infringement claims

asserted against us; unanticipated increases or other changes in our future cash requirements; the effects of federal and state legislation, and rules and regulations governing the

communications industry; the impact of equipment failure, natural disasters or terrorist acts; and those additional factors set forth under the caption “Risk Factors” and other factors

described in our filings with the SEC, including under the section “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Form 10-K for the

fiscal period ended December 31, 2019, and under the section “Risk Factors” in our Form 10-Q for the fiscal periods ended March 31, June 30, and September 30, 2020, which are

incorporated by reference herein.

RigNet undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this presentation.

You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation.

All forward-looking statements are qualified in their entirety by this cautionary statement.

In addition to U.S. GAAP financials, this presentation includes certain non-GAAP financial measures. These non-GAAP measures are in addition to, not a substitute for or superior to,

measures of financial performance prepared in accordance with GAAP. Definitions of these non-GAAP measures and reconciliations between certain GAAP and non-GAAP measures

are included in the appendix to this presentation.

2


RigNet at a GlanceManaged Communications (MCS) Apps & IoT Systems Integration (SI)

1,190 remote communications sites

> 50 countries and 500 customers

Onshore and offshore

Largest over-water owned multi-

layer infrastructure

2019 Revenue: $165 MM (68%)

11,000 IoT/SCADA sites

Intelie real-time machine learning

Enhanced cybersecurity services

Crew welfare and morale

Safety and surveillance

2019 Revenue: $35 MM (15%)

Large-scale onshore and offshore

telecom projects

Design, procure, assemble, test

Fire and gas risk control

$12.4 MM project backlog (9/30/20)

2019 Revenue: $43 MM (18%)


RigNet’s Strategic Transformation

4

Offshore drilling rigs

Production sites

Land sites

International expansion

Systems Integration

Up the stack

Across the value

chain

2016-20192013-2015To 2013 2020+ Vision

Vertical diversification

Core MCS growth

Apps & IoT expansion


Transformation Driving Business Performance

5

164,238 171,574 164,857

105,971

15,626

25,713 35,368

25,915

25,028

41,567 42,706

28,988

29,669 34,793 41,100

25,588

-

50,000

100,000

150,000

200,000

250,000

300,000

2017 2018 2019 9M 2020

Managed Services Apps & IoT SI AEBITDA

204,892

238,854 242,931

18%

15%

68%

17%

11%

72%

12%

8%

80%

18%

16%

66%

160,874

2017 – 2019 Top-line growth of 19%

Protect the Core MCS

• Steady contribution from MCS

Move up the Stack & Diversify

• Growing contribution from Apps & IoT

• 2017 – 2019 absolute revenue growth

of 126%

• From 8% of total revenue in 2017 to

15% of total revenue in 2019

Improve SI performance

• 2017 – 2019 SI revenue growth 71%

2017 – 2019 Growth in AEBITDA

margin from 14% to 17%

Note: Percentages may not total 100% due to rounding

1st 9 Months

Revenue


RigNet 3Q20 Financial Highlights

Net Loss

Earnings per share

Adjusted Net Loss*

Adjusted Earnings per Share*

Total Revenues

Segment** Operating Income

Gross Margin***

Adjusted EBITDA***

3Q20 vs. 3Q192Q20 vs. 2Q20

($5,537)

($0.25)

($1,701)

($0.08)

$48,721

$8,610

38.4%

$7,536

1,021%

1,150%

244%

300%

20%

36%

309 bps

32%

28%

19%

61%

62%

9%

7%

153 bps

22%

$ Thousands, except Earnings

per share

* Excludes impact of $3.8 million non-cash goodwill impairment in 3Q20

** Segments defined as MCS, Apps/IoT, SI; values are rounded; excludes impact of $3.8 million non-cash goodwill impairment in 3Q20

*** See Appendix for definitions and calculation of non-GAAP metrics Segment Operating Income, Adjusted EBITDA, and Gross Margin

Numbers subject to rounding

3Q19

($494)

($0.02)

($494)

($0.02)

$60,993

$13,555

41.5%

$11,010

($4,322)

($0.21)

($4,322)

($0.21)

$53,391

$9,249

36.9%

$9,701


Short-term Outlook for RigNet’s Segments

• MCS

• IoT

• Intelie

• Other Apps

• SI

7

• Offshore drilling activity slowed in 1Q and 2Q, but appears to have steadied; a

number of contractors are restructuring, but no noticeable impact to RigNet

• Offshore and Middle East production operations remain strong; FPSO investment

continues, though installations have been pushed farther into 2021

• US Land activity at a historic low, but not a core part of RigNet’s business

• Little change to IoT environment in the mid-stream; business relatively steady

• New project decision-making has slowed

• R&D spend by Brazilian oil companies reduced as a function of lower oil revenues

leading to lower R&D requirements

• AVI inquiries up as customers looking to do more remotely

• Cybersecurity continues to be an important customer topic

• Existing construction projects have continued despite COVID-19

• Significant bidding activity, but few awards – many projects deferred to 2021

• Change orders on existing projects continue


Managed Communications Services (MCS)

191 184 185 182 184 185 196 194 176

332 347 368 375 384 385 386 343 359

187 181 180 183 184 171 177 165 173

640 611 627 644 634 599 592527 482

0

200

400

600

800

1000

1200

1400

1600

3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20

Quarterly Site Count

Offshore Rigs Offshore Production Maritime Other

1,386 1,2291,350

• 66% of 9M20 total revenues; 36% gross

margin

• End-to-end service assuring maximum

uptime, reliability and security that

enables:

– Fully-managed voice and data networks

– Video surveillance and collaboration

– Real-time operational monitoring

– Software Defined Wide Area Network (SD-

WAN)

– Global 24/7 NOC

• Own and install communications

infrastructure

• Satellite backhaul with L, C, Ka, and Ku

bands, O3B, fiber, microwave, and LTE

1,323 1,360 1,384

68%

32%

Jackups Floaters

RigNet’s 3Q20

Offshore Rig Split

43

140

RigNet Other

RNET’s Share of

FPSO Market*27%

33%

0%

10%

20%

30%

40%

50%

60%

Jackups Floaters

RigNet’s 3Q20Offshore Global

Rig Market Share

* Note: Rig market share based on addressable market based on marketed rigs. FPSO market share

includes 11 FPSOs committed, but not yet generating revenue. Source: Company, RigLogix

1,340 1,351 1,190


Managed Communications Services (MCS)

15%

34%

30%

23%

15%

10%

41%20%

13%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Percentage of Site Count Percentage* MCS Revenue

Site Count Contribution to MCS Revenue3Q20 MCS Revenue = $31.9 MM (66% of Total)

Total Sites

1,190

* Percentages may not total 100% due to rounding

Source: Company

Offshore Rigs

Maritime

Production

(platforms, FPSOs)

Non-site specific

(Equip. sales, etc.)

Other

30%

23%

47%

US Land Drilling

& Production

International Drilling &

Production

Misc. Sites

(remotes offices, etc.)

“Other” Sites Revenue

Contribution to Category

• Offshore rigs represent the smallest number of sites, but

largest revenue contribution

• “Other” sites represent 41% of sites, but only 20% of

revenue

• US land drilling and production site contribution has held

up well despite the current oil price environment

• In 3Q20, US Land & Production represented only about

6% of total of MCS revenue and < 4% of total revenue


20%

22%

24%

26%

28%

30%

32%

34%

12/31/2016 12/31/2017 12/31/2018 3/31/2020 6/30/2020 9/30/2020

RigNet Global Market Share Trends – Offshore Rigs

10

20%

22%

24%

26%

28%

30%

32%

34%

12/31/2016 12/31/2017 12/31/2018 3/31/2020 6/30/2020 9/30/2020

Jackups Floaters

Source: Company, RigLogix. Based on # of units that were actively marketed

Decline in jackup market share in 3Q20 largely attributable to a

number of rigs warm stacking in Mexico due to local oil company

issues. These rigs remain RigNet customers and when activity

resumes, we expect to restart service.

Increase in floater market share in 3Q20 largely attributable to

RigNet’s strong presence in markets where activity remains strong

despite the current oil price environment.


FPSOs Contribute to MCS Growth

11

Brazil

Australia

West

Africa

US

GOMSE

Asia

North

Sea

Canada

11

* Including operational and installed with future activations through 12/31/20; not including FLNG

Source: Company, RigLogix

1

2

7

11

4

FPSO*s as of

September 30, 2020

3310

140

10

Current RigNet

Non RigNet

Future

Contracted

RigNet

~23%

Global

Market

Share

Current RigNet FPSO

Future Contracted RigNet FPSO

Current RigNet FLNG

Future RigNet FLNG

Source: Company, RigLogix

Generally big bandwidth requirements: 10-20 Mbps upload / 10 – 20 Mbps download

1

7


Global FPSO Market Planned Expansion through 2024

12

1

4

1

4

2

4

11

5

6

6

2

4

6

3

5

1

2

1

12

2

1

32

2

9

23

16 1617

0

5

10

15

20

25

2020 2021 2022 2023 2024

Africa APAC Latin/South America ME NAM Europe

• 81 FPSOs are currently

scheduled to be installed

over the next 5 years

• Most significant locations

are in Latin and South

America (predominantly

Brazil) and APAC

• Significant future

opportunities for RigNet

across our three business

segments

Source: RigLogix


Petrobras FPSO Revenue Startup (MCS)

13

FPSO 1

FPSO 2

FPSO 3

FPSO 4

FPSO 5

FPSO 6

FPSO 7

FPSO 8

FPSO 9

FPSO 10

Feb. Mar.Apr. May June July Aug. Sep. Oct. Nov. Dec. Jan.

2020 2021

• 10 FPSOs in Brazil set to come online; 2 current and 7 expected to commence before end of

1Q21

• Resilient even in current price environment, but timing has slipped ~6 months due to oil price

shock combined with COVID-19 impact on construction, installation, and commissioning

• O3B service which requires a 30-day consecutive ‘burn-in’ test before service “officially” starts

Generating revenue

Scheduled – subject

to delay

Beyond

Source: Company


FPSOs Also Key Contributors to RigNet’s SI

37 Different network

design projects for

FPSOs since 2010

19

12

2

2

2Brazil

West Africa

Europe

APAC

NAM

Photo: FleetMon.com

Source: Company

15

Intelie Live Platform – Real-Time Operations Centers for FPSOs

CRUDE FLOW

SEPARATION

FLARE GAS

SAFETY SYSTEMS


Systems Integration (SI)• 18% of 9M20 total revenue; 17% gross margin

• $12.4 million in project backlog as of 9/30/20

• Design, Engineering, Procurement, Assembly, Testing, and in some

cases, Construction

• Fully-managed turnkey capital integration projects

– Voice and data communications, radio, safety, and security subsystems

– Early Works and Permanent Plant systems/infrastructure

– Onshore and Offshore – for new and existing assets

– Platforms, FPSOs, Refineries, LNG and Ethane Cracker facilities

EPCsOperators

https://en.wikipedia.org/wiki/File:Shell_logo.svg

17171717 Enabling Intelligence. Delivering Results.17

Apps & IoT: RigNet’s Fastest Growing Segment

6.5

14.1

20.4

20.2

12.8

1.5

5.3

15.1

13.1

0

5

10

15

20

25

30

35

40

2016 2017 2018 2019 9M20

Apps & IoT Revenue Growth

15.6

25.7

35.4

Apps

IoT

25.9

$ million

+141%

+65%

• 15% of 2019 total revenue; 16% of 9M20 total

revenue

• Segment margins at 50%+; individual SaaS

solutions can exceed 70%

• 3Q20 Split: 52% Apps / 48% IoT

• 13 of Top 20 Customers purchased an Apps &IoT

solution in addition to MCS or SI

• Competitively distinctive, particularly with respect

to Intelie (real-time machine learning) and

Enhanced Cybersecurity Services

• Excellent entrée into customers – initial Intelie

rollout led directly to recent global fleet MCS win

+38%


0

5

10

15

20

25

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

Vo

lum

e p

er

in-u

se

SIM

(M

B/m

on

th)

Ag

gre

ga

te V

olu

me

(M

B/m

on

th)

BGAN M2M Usage by Month

RigNet’s IoT Business• Revenue: $20.2 MM in 2019; $12.8 MM

through 9M20

• Gross margins range from ~35% - ~50%

• Multi-network capabilities including BGAN M2M, ThurayalIP, global cellular, and VSAT provides data and voice capabilities

• Services available globally, but largely concentrated in North America

• Wide range of terminals for both mobile and fixed applications providing two-way IP data connectivity for low-volume, high frequency bursts

• Capable of integrating with apps like AVI to allow remote video monitoring

• OneView360 provides detailed, transparent visibility of the spend and usage across multiple platforms

18

Over 11,000

IoT/SCADA sites


RigNet’s App Business

• Revenues: $15.1 MM in 2019; $13.1 MM through 9M20

• RigNet’s fast growing segment: +907%from 2017 - 2019

• SaaS-based revenue

• Gross margins 70%+

• Includes RigNet’s

◦ AVI – Advanced Video Intelligence

◦ CrewConnectivity Suite – CrewFlix, CrewTainement, CrewHotSpot, CrewWiFi

◦ MetOcean – Real-time offshore weather monitoring

◦ Enhanced Cybersecurity Services –including Cyphre, our real-time hardware-based unassailable encryption

◦ Intelie – Real-time stream analytics with advanced intelligence

19


Cybersecurity: RigNet’s ECS Protects Critical Infrastructure

20

External threats are multiplying and arecompounded by the fast-growing threat ofransomware attacks. In the energy sectorthey are being complicated by the relativelyhigh level of in-direct attacks (frompartnerships and joint ventures breaches,for example).

Source: Accenture

3,280

3,025

1,671

1,716

3,087

1,6181,321

1,178

32 67 68 105 94 60 116 94

0

500

1,000

1,500

2,000

2,500

3,000

3,500

Jan Feb Mar Apr May Jun Jul Aug

RigNet’s ECS Intervention in Sample Customer(# incidents)

Direct customer help to stop attack

RigNet SOC

handled w/o

customer

https://www.accenture.com/us-en/blogs/accenture-energy/why-safeguarding-the-internet-against-cyber-resilience-is-important-for-energy-industry-growth

https://www2.deloitte.com/us/en/insights/industry/oil-and-gas/cybersecurity-in-oil-and-gas-upstream-sector.html

(cumulative 2019-2023, $Bn)

Energy Under Cyber Attack


What Is RigNet’s Intelie?

• Real-time stream analytics tool enabling operations, engineering, executives, etc. to optimize critical operations

• Acquired in 2018, but serving customers since 2008

• Collects data from any source, then filters, time-syncs, correlates, and transforms it into actionable intelligence

• Able to process millions of data inputs per second

• Intelie Pipes is one of the world’s most advanced stream processing and query languages

• Customers license the platform and then subscribe to ‘apps’

• Applicable to any industry, not just oil and gas

21

More than 45 Intelie apps in the Intelie Marketplace are already

available for Offshore and Onshore Drilling, Frac’ing Operations, Well

Planning, Fuel Optimization, Bank Fraud Detection, Mining

Operations, etc.

Or match your SME with our Data Scientists and build your own app!

Demo QR for

phones


Commercializing

22

Intelie LIVE Platform for real-time, advanced analytics“Intelie is to real-time, machine learning what Excel is to financial analysis”

Safety/Environment Operations

Non-EnergyEnergy

Hourly/daily sales

predictions

2010

ATM fraud detection

2010

Mud weight prediction

in pre-salt

2013

Planning

Basic Well Design

2016

Maritime vessel fuel

prediction, fuel loss

prevention

2015

Drilling ROP prediction

2016

Emissions monitoring

and prediction

2016

Drilling NPT reduction/

problem insight

2016

Drilling safety

enhancement

2018

Pressure pumping

monitoring and

maintenance

2018

Drillship DP monitoring

2018

People and asset

tracking

2018

BOP negative pressure

testing

2018

Car rental monitoring

2013

Manufacturing utilities

monitoring and

optimization

2019

a RigNet company

Intelie

Plus:• Multiple additional Super-majors

• Major onshore pressure pumping

company

• Non-energy companies

SEEDS Drilling,

Workover & Completion

2017

Well Barrier

2018

Not comprehensive

“A

pp

s”

0

5

10

2018 2019

$ m

illio

n

Intelie Revenues

7.7

3.2

+141%



Intelie Use Cases

23

Three specific use cases:

- Diagnostics for subsea

BOPs

- Fuel management for

seagoing vessels

- Pressure integrity at the

wellhead

Intelie can not only be

accessed in the office or a

real-time operations center,

live dashboards can be

accessed directly from a

user’s Apple or Android

phone.

For a demonstration, use

your phone to take a

picture of the QR code and

go to the website.


• Awarded 5-year U.S. General Services Administration (GSA) Multiple Award Schedule (MAS) for Information Technology Professional Services contract

◦ Renewable for up to 20 years total

◦ Enables US Federal, State, and Local government agencies to access networking solutions, cybersecurity, and machine learning solutions

◦ Key critical first step to becoming an approved US government supplier

• RigNet’s Cyphre, our ultra-secure, hardware-based cybersecurity solution, was awarded Federal Information Processing Standard 140-2 (FIPS 140-2) security validation

◦ Recognized worldwide as one of the highest standards for security validation

◦ Significant interest in US and Internationally in RigNet’s Enhanced Cybersecurity Services

◦ Cyphre also awarded new patent on protecting session keys from common memory attacks by ‘blackening’ them

• Opportunities

◦ Successful technical proof of concept for a secure government phone system

◦ Successful Cyphre POVs demonstrated in several regions in the Middle East

◦ Significant interest in US and Internationally in RigNet’s Enhanced Cybersecurity Services including a fully staffed Security Control Center (SOC)

◦ Partnership agreements with prime contractors

24

RigNet’s Expansion into Government


RigNet’s Partnership with CACI

25

CACI’s SteelBox is a

secure mobile

communications solution

that provides encrypted

instant text messaging and

calling between two

devices where each is

running the app.

RigNet provides “BreakOut”The “Break Out” feature allows users to make

encrypted calls to devices without the

SteelBox app. The SteelBox end of the call

remains encrypted and secure for calls made

to users in the continental United States.

• RigNet’s first contract to provide services to the U.S. Government through a partnership with CACI, a $5 billion defense contractor

• SteelBox designed to help protect Controlled Unclassified Information (CUI) flows between government-issued mobile devices; replaces other less secure social media communications channels

• FIPS 140-2 compliant; FedRamp-certified

• Backed by partnerships with Microsoft and Blackberry…and RigNet

• The BreakOut feature, provided over RigNet’s secure MPLS backbone, allows Government users to call devices (mobile or land) not on the Government network

• CACI is responsible for sales efforts

• RigNet receives a per-subscriber fee

Addressable market of > 4 MM

Government-issued mobile devices*

* Source: CACI press release dated 7.23.20 https://investor.caci.com/news/news-details/2020/CACI-

Expands-SteelBox-App-Secure-Mobile-Communications-Connectivity-with-RigNet-Partnership/default.aspx

https://investor.caci.com/news/news-details/2020/CACI-Expands-SteelBox-App-Secure-Mobile-Communications-Connectivity-with-RigNet-Partnership/default.aspx


Capitalized Labor / Internal Use

Success Based

Maintenance

Capital Expenditures through September 30, 2020

• Tied to new revenue generation

• Antennas, routers, switches, IoT devices, etc. to be installed at customer sites

26

$6.3 MM

$2.3 MM

$0.1 MM

2020 YTD Total:

$8.8 MM

• Largely capitalized software development related to Intelie

• Corporate IT initiatives

• 2019 Total: $25.5 MM

• 2020 has so far been a year of significantly reduced activity resulting in less capital spending


Debt Structure and Liquidity at 9/30/20

14.0 12.0

92.488.7

2.32.1

6.36.3

115.0109.1

0

20

40

60

80

100

120

Column1

PPP

Vendor Finance/Other, Net

Revolver

Term Loan

27

• February 2020 – Amended and extended existing credit agreement

◦ Created new term loan: $16 MM

› Amortizing $2 MM per quarter beginning 2Q20

› Maturity 3/31/2022

◦ Expanded revolver: $100 MM

› Maturity 8/31/2022

◦ Leverage and fixed charge covenants

› Leverage: 3.25X Adjusted EBITDA through 3Q20, stepping down to 3.00X through 2Q2021, stepping down to 2.75X through maturity

› Fixed charge: Minimum 1.25

› Ratios at 6/30/20: 3.03 Leverage, 2.32 Fixed charge

◦ Interest: maximum of LIBOR + 325 bps

• Total debt at 9/30/20: $109,077 k including

◦ Term balance: $ 12,000

◦ Revolver: $ 88,700

◦ Vendor finance arrangement: $ 2,328

◦ Paycheck Protection Program: $ 6,298

◦ Lease and unamortized costs, net ($ 250)

• Current maturities included in total debt at 9/30/20: $8,836 k

$ million

• PPP expected to be fully

forgiven

• Waiver from Bank group to

exclude PPP funds from Bank

Indebtedness secured in

September.

• Waiver valid through

forgiveness or 1Q21, but we

believe extendible if

forgiveness decision delayed.

6/30/20 9/30/20


RigNet and Corporate Responsibility Internally Focused…

• Focused on Safety

◦ Over 943 k employee hours worked through 3Q20 with 0 Recordable and 0 Lost-time incident

◦ Our HSE management system is ISO 9001, 14001, and 45001 certified

◦ Smooth transition to work from home during COVID-19

28

…While Enabling Our Customers Success

• Our redundant, critical managed communications services are designed to ensure that our customers are always in communication with field offices, headquarters, and government agencies in the event of emergencies

• Our IoT monitoring of pipeline infrastructure not only helps to secure valuable infrastructure, but provides customers with opportunities to monitor and mitigate potential environmental concerns

• Intelie, our real-time, machine learning, optimizes processes and operations to increase efficiency and productivity while saving money and eliminating waste. For example: Intelie helped one deepwater drilling customer reduce NPT (non-productive time) by 2.5%. Benefits include:

◦ Cost savings by reducing fuelconsumption and accompanyingemissions

◦ Increased revenue acrossthe fleet by millions of $$which should fall directlyto the bottom line

• Focused on Quality

◦ RigNet is ISO 14001 certified in the UK and Brazil

• Focused on Employee Engagement

◦ Our engagement scores, according to the internationally recognized Gallup survey, have increased > 160% since 2017

• Focused on Providing Opportunities

◦ We recently partnered with the U.S. Special Operations Command(“USSOCOM”) Warrior Care Program - Care Coalition to place transitioning Special Operation Forces service members in fellowships at RigNet


Digital transformation strategies driving

increased need for “ultra-secure” bandwidth and

actionable intelligence

Unique, holistic, end-to-end solutions provider

with a growing portfolio of advanced technology

& software, services, and expertise

Leading position in oil and gas with growing

presence in other verticals

Global footprint with expanding universe of

significant long-term, regional partnerships

Rapidly growing Apps & IoT differentiation

Focus on deleveraging and strengthening

balance sheet

RigNet: Well-Positioned for Further Success

RigNet delivers the advanced software,

optimized industry solutions, and ultra-

secure communications infrastructure

that allows the oil and gas industry, and

others, to finally realize the business

results of digital transformation.

Enabling Intelligence. Delivering Results.

15115 Park Row, Suite 300 |Houston, TX 77084 | USA

www.rig.net

NASDAQ: RNET

Investor Contact:

Lee M. Ahlstrom

SVP & CFO

281.674.0100


RigNet Non-GAAP ReconciliationAdjusted EBITDA

Adjusted EBITDA is a financial measure that is not calculated in accordance with generally accepted accounting principles, or GAAP. We refer you to the Company’s recent 10-K filing for the

year ended December 31, 2019 for a more detailed discussion of the uses and limitations of Adjusted EBITDA.

We define Adjusted EBITDA as net loss plus (minus) interest expense; income tax expense (benefit); depreciation and amortization; impairment of goodwill, intangibles, property, plant and

equipment; foreign exchange impact of intercompany financing activities; (gain) loss on sales of property, plant and equipment, net of retirements; stock-based compensation expense;

restructuring charges; change in fair value of earn-outs and contingent consideration; executive departure costs; acquisition costs; the GX Dispute; GX Dispute Phase II costs and non-

recurring items.

Gross Margin

We define Gross Margin for any period as the difference between Revenues and Costs of Revenues (excluding Depreciation and Amortization); that difference divided

by Revenues.

Segment Operating Income

We define Segment Operating Income for any period as the sum of reporting segment Revenues less the sum of segment Cost of Revenue, Depreciation and

Amortization, and SG&A, excluding any impairment charges.

RIGNET, INC.

Reconciliation of Net Loss to Adjusted EBITDA

(Unaudited)


Strong Executive Management Team

32

Steve PickettCEO & President

Joined May 2016

Brendan SullivanCTO, CIO, Cybersecurity

Business LeadJoined May 2017

Brad EastmanSVP, General

CounselJoined November 2017

Errol OlivierSVP, Chief Operating

OfficerJoined January 2020

Ed TraupmanSVP Products & Services

Joined November 2016

Egbert ClarkeSVP, Operations

Joined July 2017

Lelio SouzaVP, Intelie

Joined March 2018

Jackson MarkleyVP, Corporate

DevelopmentJoined June 2018

Lee M. AhlstromSVP & CFO

Joined August 2018

Keith FrederickChief Information Security

OfficerJoined November 2017

Jamie Barnett Rear Admiral USN (Retired)

SVP, Government ServicesJoined January 2019


O I L & G AS D R I L L I N G O I L & G AS O P E R AT O R S C O N T R AC T O R S S E R V I C E C O M P AN I E S O T H E R

RigNet Major Global Customers



RigNet’s Apps & IoT: Why Invest?Addressable Digital Oilfield Market

Significant scale: “…the digital oilfield market is poised to

surpass US $30.7 billion by 2020, with

a compound annual growth rate

(CAGR) of 5% from 2015.”1

Customer Value

Fewer people: “… the changes could reduce the number

of jobs [done by a well logger] by more than

25%...”2

Better decisions: “what we’re trying to do is help the

people who make the decisions to make

those decisions with additional support

from the intelligence that we’ve created.”3

Lower costs: “The company’s production unit … has

reduced its noncontractor workforce by

40%, largely through technology updates,

and has cut lease operating expenses 48%

since 2014.…”2

1 https://www.ogj.com/articles/ogfj/print/volume-14/issue-9/features/the-next-generation-

digital-oilfield.html

2 https://www.wsj.com/articles/oils-new-technology-spells-end-of-boom-for-roughnecks-

1531233085

3 https://www.forbes.com/sites/bernardmarr/2019/01/18/the-incredible-ways-shell-uses-

artificial-intelligence-to-help-transform-the-oil-and-gas-giant/#29c278392701

4 https://www.bcg.com/publications/2019/digital-value-oil-gas.aspx

Opportunity for Savings in Upstream Alone is Significant4

https://www.ogj.com/articles/ogfj/print/volume-14/issue-9/features/the-next-generation-digital-oilfield.html

https://www.wsj.com/articles/oils-new-technology-spells-end-of-boom-for-roughnecks-1531233085

https://www.forbes.com/sites/bernardmarr/2019/01/18/the-incredible-ways-shell-uses-artificial-intelligence-to-help-transform-the-oil-and-gas-giant/#29c278392701

https://www.bcg.com/publications/2019/digital-value-oil-gas.aspx


RigNet’s

Cyphre Products:

RigNet’s Cyphre technology delivers next generation network and

data security

CyphreLINK CyphreLOCK

CyphreCERTCyphreKeymanagement

Cyphre Enterprise Channel Partners: • Unique, fully-managed service providing powerful encryption for data in-transit,

data at-rest, and encryption keys

• Delivers best-in-class encryption on all network types (satellite, public internet,

private WAN, cloud, etc.)

• In satellite applications, hardware solution saves ~20 - 40% bandwidth over

traditional software encryption solutions with ultra-low latency

• Always-on protection with “set and forget” administration

• No switching costs; easily integrated into existing data protection technologies

Channel partners reselling

Cyphre in USA, AsiaPacific, and

MENA

Documents

RigNet Investor Update