KKR Acquires Stake in RigNet

Houston, Tex., August 22, 2013-- Kohlberg Kravis Roberts & Co. L.P., a global investment firm, today announced the signing of a definitive agreement under which funds advised or controlled by KKR are acquiring a significant minority stake in RigNet from Cubera, an investment firm specializing in the Nordic private equity market.

Upon closing of the acquisition of 4.75 million shares, which is subject to customary approvals, KKR will become RigNet’s largest shareholder, holding a 27% stake in the company.

Johannes Huth, Member of KKR and Head of Europe, stated: “We are investing in a fast-growing global market leader that has created an attractive niche at the intersection of three of our core investment themes: energy, technology, and services. All three sectors exhibit structural growth well ahead of broader GDP trends. We are excited about this addition to our investment portfolio and we look forward to supporting RigNet’s growth strategy as a patient and constructive shareholder.”

“We see KKR as a very good partner for RigNet going forward,” said Jorgen Kjaernes, Managing Partner of Cubera. “Cubera acquired the lead investor position as part of a secondary acquisition in July 2008 and the investment has proved to be successful for our investors. Since 2008, the company has more than doubled its revenues and further strengthened its strategic position.”

Orjan Svanevik, Managing Director at OAVIK, advisor to Cubera, added that the company has created exceptional value since the Nasdaq IPO in 2010. “With excellent management and KKR as lead shareholder, we believe the foundation is in place for continued growth in the years ahead.”

Since 2009, KKR has invested or committed approximately US $4.0 billion to investments in oil and gas spanning buy-outs, minority equity investments, joint-ventures, and asset-level and structured investments.

In this transaction, KKR was advised by ABG Sundal Collier, McKinsey & Company, Simpson Thacher & Bartlett LLP, Deloitte LLP and Schjodt. Cubera was advised by OAVIK Capital and Willkie, Farr & Gallagher LLP.