Ranger Offshore, Inc., a leading global marine and subsea construction and support services contractor to the offshore oil and gas industry has closed the previously announced agreement to acquire Technip USA's diving assets.
Highlights:
• Strategic acquisition – supporting Ranger's next phase of growth, including:
◦ Multi-year preferred sub-contractor agreement to provide diving services to Technip USA
◦ Further capacity to deploy additional diving spreads and broaden its growing customer base in existing markets
◦ Expansion into key new markets in Africa and South East Asia
• Assets include:
◦ Two multi-service support vessels - The MSV Global Orion and The MSV Normand Commander
◦ Saturation diving systems, a hyperbaric receiving facility, surface compression chambers, launch and recovery systems, diving control systems and other ancillary diving equipment
◦ Staff, including divers, supervisors and shore based support and project management teams that have a strong track record of operational excellence
The assets have established accreditation and decades of proven performance, along with best-in-class diving procedures that meet the strict standards of major oil companies, large independents, and top tier contractors.
Bill Lam, CEO of Ranger commented,
"This acquisition gives Ranger additional critical capacity to enhance our service offerings, grow with and serve our existing customers, and capture new business opportunities. In particular, we are now well-positioned to execute our strategic plan to grow into key global regions such as Africa and Southeast Asia, where current market demand for our services far outpaces existing qualified capacity.
We have already made significant advances in preparing and managing the integration of these assets into the wider Ranger Group and, with the acquisition closing on schedule, we look forward to continuing with the next phases of our growth plan."
The Company was advised by Pareto Securities on this transaction. Pareto Securities is an independent full service investment bank headquartered in Oslo, with more than 350 employees located in offices throughout Scandinavia and in Houston, New York, London, Calgary, Singapore, Rio de Janeiro and Perth, Australia. Pareto Securities has a leading position within the international energy sectors and is actively providing M&A advice and capital markets services to companies globally.
Trond Rokholt and Torjus Berge, Managing Directors in the Houston office of Pareto Securities said, "We were delighted to support the team at Ranger in advising on this transaction and financing. The successful completion of the acquisition of assets from Technip will form the basis of the company's next stage of growth. In particular it will support development into new but known international markets, where an evident demand supply gap exists."
