Ranger Acquires Technip USA's Diving Assets

Ranger Offshore, Inc., a global marine and subsea construction and support services contractor to the offshore oil and gas industry, has announced that it has signed an agreement to acquire Technip USA's diving assets, belonging to the diving division for the North American region of international oilfield services company Technip S.A.  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 subcontractor 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 multiyear preferred subcontractor agreement. Furthermore, the acquired business model complements that of Rangers', being non-capital intensive and a platform for flexible growth."

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 IOCs, 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.