Houston-based Ranger Energy Services said last week it will acquire the U.S. coiled tubing assets of Canada’s STEP Energy Services for $27.5 million ($22.5 million cash). Ranger said the acquisition “positions Ranger as the second largest U.S. coiled tubing operator in the U.S. onshore market with significant scale and a strong Permian and Bakken presence.”
STEP’s U.S. coiled tubing business operates from five facilities across Ranger’s existing footprint from the Bakken to south Texas with its largest presence in the Permian Basin. The transaction includes 13 coiled tubing spreads, related equipment and inventory, and certain property and vehicle leases. Closing was expected by Sept. 11.
Stuart Bodden, CEO of Ranger, said Aug. 31, “We have been proud of our Rockies coiled tubing business and began evaluating opportunities to scale it earlier this year… STEP’s Coil+ Extended Reach technology is proven in the U.S. market, and we respect the STEP leadership team and what they have built. We intend to preserve its legacy of service quality and innovation.”
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