RigNet Inc. (Nasdaq: RNET), a Houston communications company serving the energy industry, is closing in on the date of its headquarters move, which was first announced shortly before a restructuring effort began last year.
The company has leased 28,808 square feet at Park Ten Plaza in the Energy Corridor for its new headquarters, according to a press release by Stream Realty Partners, which represented the landlord in the deal.
RigNet is moving out of its West Houston office on Dairy Ashford Road. Back in June, the company gave notice that it intended to terminate its lease a year and a half early, according to a filing with the Securities Exchange Commission at the time. The lease was expected to last through Aug. 31, 2018, but RigNet chose to end it Feb. 28, 2017, according to the filing.
In July, RigNet announced a plan to restructure itself into a more efficient business model. The plan involved reducing the company’s workforce by about 12 percent and was supposed to be largely complete by the end of 2016.
The company has also been through a number of executive-level management shifts. It hired a chief sales officer in November, and it named a new CEO in May 2016. That was shortly after the previous CEO stepped down suddenly in January of that year — the former CFO, who had left the company about six months prior, was called back to lead the company in the interim.
RigNet provides digital technology solutions focusing on energy facilities, maritime vessels and other remote locations globally.
By: Joshua Mann
SOURCE: Houston Business Journal