Ranger Offshore Closes Acquisition Of Diving Assets From Technip USA And Enters Into Multi-Year Preferred Sub-Contractor Agreement

HOUSTON, Dec. 10, 2014 /PRNewswire/ -- Ranger Offshore, Inc., a leading global marine and subsea construction and support services contractor to the offshore oil and gas industry, today 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." 

About Ranger Offshore, Inc.

Ranger Offshore, Inc. provides subsea construction services and support for the offshore oil and gas industry, including subsea inspection, repair and 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, Lagos, Nigeria 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 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
Philip Dennis    
Rollo Crichton-Stuart    
Joanna Boon   

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/ranger-offshore-closes-acquisition-of-diving-assets-from-technip-usa-and-enters-into-multi-year-preferred-sub-contractor-agreement-300007267.html

SOURCE Ranger Offshore, Inc.

Related Links

http://www.rangeroffshoreinc.com