Inmarsat to receive $50.75m settlement from RigNet

Inmarsat confirmed on Monday that it has agreed a final settlement with RigNet of all claims in respect of the arbitration case at the International Centre for Dispute Resolution relating to its GX take-or-pay contract.

The satellite communications company will receive a final settlement of $50.75m. This will be paid in three instalments, the first two of which will total $50m, to be paid before the middle of next month.

Back in March, Inmarsat agreed to be taken over by a consortium led by private equity firm Apax Partners for $3.4bn. The consortium includes Warburg Pincus, Canada Pension Plan Investment Board and Ontario Teachers' Pension Plan.

At 1310 BST, the shares were down 0.5% at 542p.