The Deloitte 2006 Technology Fast 500 is a ranking of the 500 fastest-growing technology companies in North America. The rankings are based on percentage of revenue growth over five years, from 2001 – 2005. RigNet's revenue growth of 10,810 percent from 2001 to 2005 not only gave the Company a 23rd ranking in North America, but was also the number 2 ranked company in Texas, and the highest ranked company in Houston. Only 46 Texas companies were ranked on the Deloitte Fast 500 list.
Overall, companies ranked on the Deloitte 2006 Technology 500 list had an average growth rate of 2,147 percent.
"It's a remarkable achievement to make the Deloitte Fast 500 list, much less among the top five percent of companies in North America," said Omar Kulbrandstad, chief executive officer of RigNet, Inc. "This accomplishment is a direct result of the company's innovative approach, its market focus, and an outstanding team of professionals who are dedicated to continually enhancing our technology and customer experience."
The Fast 500 ranks the fastest-growing technology, media, telecommunications and life sciences companies in North America. It is compiled from Deloitte's 16 regional North American Fast 50 programs, nominations submitted directly to the Fast 500, and public company database research. Companies are selected based on percentage revenue growth from 2001 to 2005.
Entrants must own proprietary intellectual property or proprietary technology that contributes to a significant portion of the company's operating revenues, or devote a significant proportion of revenues to research and development of technology. Base-year operating revenues must be at least $50,000 USD or $75,000 CD, and current-year operating revenues must be at least $5 million USD or CD. Companies must be in business a minimum of five years, and they must be headquartered within North America.
"Deloitte's Technology 500 companies have shown the strength, vision and tenacity to succeed in today's very competitive technology environment," said Tony Kern, deputy managing principal of Deloitte's Technology, Media & Telecommunications industry practice. "We applaud the successes of RigNet and acknowledge it as one of the very few companies in Texas and North America to accomplish such a fast growth rate over the past five years."
Addressing the communications challenges faced by oil and gas companies today in remote locations, RigNet uses the leading satellite and networking technologies to provide a high-quality solution for broadband data, voice and video communications, as well as real-time data management. RigNet installs, manages and supports communication systems without requiring its customers to invest in and manage expensive telecommunications equipment, allowing them to redirect valuable resources to their core businesses. RigNet real-time data management acquires, distributes and manages real-time and historical well site data.
RigNet, Inc., is a leading global provider of managed communication services exclusively to the upstream oil and gas industry. The Company holds the prestigious Cisco Powered Network designation, meeting the most stringent standards for network reliability and performance. RigNet has worldwide installations throughout 21 countries and 6 continents, spanning the global offshore drilling and production industry. Based in Houston, Texas, RigNet has offices in Louisiana, Brazil, Malaysia, Nigeria, Norway, Qatar, Saudi Arabia, Singapore, UAE and the UK.
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