Portfolio
  • Tampnet - 500 x 367.png (1)
    Tampnet
    Norway

    Communications

    Tampnet

    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’s core business in the North Sea was stable in 2020 with customers continuing to upgrade their bandwidth requirements as new technologies are introduced to improve efficiency and extend hydrocarbon field lives. However, the oil price decline triggered by Covid-19 had a negative impact on Tampnet’s exploration-linked revenues and brought forward some decommissioning of offshore platforms. In addition, some new fibre connection projects and roaming installations were postponed due to pandemic-related operational restrictions.

    The key highlight of the year was the acquisition of a 1,200km offshore fibre cable system in the Gulf of Mexico from BP, which completed at the end of March 2021. This acquisition is an important milestone which will allow Tampnet to replicate its fibre-led North Sea business model in the Gulf of Mexico.

    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

    Sustainability

    Tampnet has established a sustainability strategy focused on making a positive contribution to the underlying oil and gas industry. A major environmental benefit of Tampnet’s services is that they enable producers to use existing resources more efficiently, to reduce emissions through lower manning and to achieve better health and safety through remote operations. Beyond this, Tampnet is developing initiatives to provide offshore wind projects with fixed and roaming connectivity.

Back to top