June 1, 2009

HOUSTON, TX - RigNet, Inc., a leading global provider of managed communications solutions for the upstream oil and gas industry, announced today the consolidation and refinancing of its debt led by Bank of America, N.A. with participation by Comerica.  The new credit facility will allow the Company to continue funding its growth opportunities, reduce total borrowing costs and simplify its debt structure.                                  

Marty Jimmerson, RigNet's chief financial officer noted, "This refinancing led by Bank of America signals that the credit markets are open for successful and well-managed businesses such as RigNet.  More important, our new relationship with Bank of America provides RigNet with a strategic financing partner for future growth opportunities.  We are also pleased Comerica, which has been a banking partner for RigNet since 2006, has participated in our new credit facility.  We appreciate the confidence that both Bank of America, N.A. and Comerica have shown in RigNet and this management team."

Addressing the communications challenges faced by oil and gas companies today in remote locations, RigNet uses the leading remote communications and IP networking technologies to provide high-quality solutions for broadband data, voice and video communications, as well as real-time data management.  RigNet's turnkey solution includes installation, management and support for its customer's communication systems without requiring them to invest in and manage expensive telecommunications equipment. This allows RigNet's customers to enjoy high quality, state of the art communications services without the high costs and risks associated with an internal solution.

About Bank of America
Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 55 million consumer and small business relationships with more than 6,100 retail banking offices, more than 18,500 ATMs and award-winning online banking with nearly 30 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to more than 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients in more than 150 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.  www.bankofamerica.com

About RigNet, Inc.
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, and was recently named one of America's fastest-growing private companies as ranked in Inc. Magazine's distinguished Inc. 500.  RigNet has worldwide installations throughout 34 countries and six 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, United Arab Emirates and the United Kingdom.  For more information, please visit www.rig.net.