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    Tampnet is the leading independent offshore communications network operator in the North Sea and the Gulf of Mexico. It is headquartered in Norway, with operations in the UK, Scandinavia and the USA.

    Tampnet provides high speed, low latency and resilient data connectivity offshore through an established and comprehensive network of fibre optic cables, 4G base stations, and microwave links. It operates across four main business areas: fixed installations, mobile rigs and vessels, roaming for offshore workers and international carriers. The majority of its business involves providing fixed fibre links to oil platforms.

    Developments in the year

    Tampnet performed broadly in line with expectations during the year. The core business in the North Sea delivered continued revenue growth, partially offset by network installation delays in the Gulf of Mexico.

    Tampnet has been awarded a contract to enter the Canadian market where it will supply 5G coverage to two ExxonMobil owned platforms in offshore Newfoundland. We continue to evaluate a number of further growth opportunities internationally.

    During the first half of the year, Tampnet’s debt facilities were refinanced at a lower cost and with longer maturities than assumed in our investment case. We have also strengthened the management team with the appointment of Magnus Mandersson as Chair; Magnus has over 25 years of experience in the global telecommunications sector.

    Investment Rationale

    3i Infrastructure acquired 50% of Tampnet in March 2019 alongside Danish pension fund ATP, having committed to invest in July 2018.

    • Tampnet’s fibre optic links provide customers with mission-critical reliable communications
    • Benefits from the growing requirement for high bandwidth and low latency in data networks
    • More than 50 customers including oil and gas operators, offshore service providers and telecom operators
    • Opportunity to grow into new segments such as offshore wind, commercial vessels and the point-to-point carrier segment
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