RigNet to Cut 12 Percent of Workforce in Global Restructuring
Houston-based RigNet, a global provider of digital technology solutions for energy, maritime and aviation industries, announced Friday a global restructuring plan that will include cutting approximately 12 percent of its employees by the end of 2016.
Through the restructuring, the company “will reduce spending and both flatten and streamline the organization,” Steven Pickett, RigNet CEO and president, said in a release. “We will be better positioned to generate revenues from over-the-top applications that can help our customers drive efficiency in their businesses. And through more focused efforts, we will be better positioned to grow revenue in new vertical markets.”
RigNet anticipates annual savings of $3.5 million from personnel, facility and reductions after taking a restructuring charge of $4.5 million in 3Q 2016.
Pickett was named RigNet CEO May 31, succeeding Marty Jimmerson. RigNet chairman James Browning shared the company’s excitement in having Pickett join RigNet and expressed confidence in “his ability to propel RigNet forward” as the company expands its service offerings and enter new markets.
RigNet could not be reached for comment as of press time.