Ranger Offshore, Inc. 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.'