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    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 has outperformed our investment case since we committed to invest in July 2018, largely due to the increased services requested by its clients in the North Sea.

    During the year, the business has continued to build out deepwater base stations in the Gulf of Mexico, which will increase Tampnet’s coverage in the region and will provide a new source of revenue generation. In the North Sea, Tampnet was awarded a long-term contract to operate the telecommunications infrastructure on the Dutch continental shelf.

    The desire of market players to invest in digital transformation in the oil and gas market is high, and the business continues to evaluate and pursue a number of growth opportunities internationally.

    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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