Ranger Offshore To Acquire Strategic Diving Assets From Technip USA
HOUSTON, TX, September 15, 2014 – Ranger Offshore, Inc., a leading global marine and subsea construction and support services contractor to the offshore oil and gas industry, today announced that it has signed an agreement to acquire Technip USA’s diving assets (the “Assets”), belonging to the diving division for the North American region of international oilfield services company Technip S.A. (“Technip”). Closing of the transaction is scheduled to take place in Q4 2014.
The acquisition includes diving assets, two dynamically positioned multi-service support vessels as well as a multi-year preferred sub-contractor agreement for Ranger to provide diving services to Technip USA.
Bill Lam, CEO of Ranger commented, “This acquisition further enhances Ranger’s ability to serve blue chip customers through additional resources and capacity, and will help to solidify Ranger’s position as a market leader for subsea construction services. It also places the Company in a strong position to retain an ongoing relationship with Technip, as evidenced by a multi-year preferred sub-contractor agreement. Furthermore, the acquired business model complements that of Rangers’, being non-capital intensive and a platform for flexible growth.”
About the Assets
The Assets are used in the U.S. and Mexican Gulf of Mexico and Caribbean, for diving support construction services directly to Technip USA and third party customers. The Assets have established accreditation and decades of proven performance, along with best in class diving procedures that meet the strict standards of major IOC’s, independents, and top tier contractors. Approximately 150 staff, including divers, supervisors and shore based support and project management teams are currently operating the Assets and, following completion of the acquisition, Ranger anticipates to retain most of the staff. Services are provided to clients via two support vessels, The MSV Global Orion and The MSV Normand Commander. The MSV Global Orion is fully owned, while the MSV Normand Commander is on long term Charter, which will be assumed by Ranger from Technip USA. In addition to the two vessels, other assets include saturation diving systems, surface compression chambers, launch and recovery systems, diving control systems and other ancillary diving equipment. This equipment will provide Ranger further capacity to deploy additional diving spreads and broaden its growing customer base.
About Ranger Offshore, Inc
Ranger Offshore, Inc. provides subsea construction services and support for the offshore oil and gas industry, including subsea inspection, repair, maintenance, decommissioning and new construction projects in the US Gulf of Mexico, Mexico, West Africa, and select international markets. Headquartered in Houston, Texas, Ranger has support facilities in Galveston, Texas, Lafayette, Louisiana, and Ciudad Del Carmen, Mexico. Since its formation, Ranger has assembled an industry leading and highly experienced management team, invested in best in class equipment, and installed proven operating procedures, management systems and financial controls to position it as the leading subsea service provider to its clients. Ranger Offshore, Inc.is a portfolio company of SunTx Capital Partners.
About SunTx Capital Partners
SunTx Capital Partners, LP, is a Dallas, TX based private equity firm that invests in middle market manufacturing, distribution and service companies. SunTx specializes in supporting talented management teams in industries where SunTx can apply is operational experience and financial expertise to build leading middle-market companies with operations typically in the Sun Belt region of the United States. SunTx was founded in 2001 and currently has over $600 million assets under management. The capital committed by SunTx comes from the principals of SunTx as well as from institutional investors, including leading university endowments and corporate and public pension funds. More information about SunTx can be found at www.suntx.com.
Media Contact for Ranger Offshore, Inc.:
Bell Pottinger +44 (0)203 772 2500
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