RigNet To Cut 47 Jobs

(RTTNews) - RigNet, Inc. (RNET) said Monday that it will cut 47 jobs, or just under 8% of its workforce, as part of a cost restructuring plan that reduces costs in line with activity levels in the upstream energy market while continuing sustained investment that strengthens capabilities and positions the company for the future.

In addition, RigNet is further addressing its cost structure with specific measures including targeted supply chain initiatives and certain delayed hiring plans.

In connection with the plan, which is expected to be substantially completed by July 31, RigNet expects to achieve annualized savings from personnel reductions of $4.5 million after taking a restructuring charge of about $1.0 million in the third quarter of 2015 for employee severance expenses and related matters.