Rignet cuts its losses, agrees to pay Inmarsat $50.75 million to settle GX contract dispute

by Peter B. de Selding

LONDON — Maritime terrestrial and connectivity provider Rignet Inc., after spending millions of dollars defending itself against contract-violation charges by satellite fleet operator Inmarsat, has reached a settlement that will not reduce Inmarsat’s previous award but will put an end to Rignet’s spending on the case.

Houston-based Rignet said it spent $2.1 million in the three months ending March 31 to prepare counterclaims against Inmarsat’s earlier victory at the International Center for Dispute Resolution.

Under the settlement, Rignet will pay Inmarsat $45 million immediately . . .

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