Ranger Energy Services Acquires STEP’s U.S. Coiled Tubing Operations
admin According to a regulatory filing, Ranger Energy Services has finalized the purchase of assets from STEP Energy Services’ U.S. well services operations, which encompass coiled tubing, fluid, and nitrogen pumping. The transaction follows an asset purchase agreement originally announced in late August.
As part of the deal, Ranger secured coiled tubing units, related machinery, additional operational assets, and specific lease rights. The company also took on particular obligations tied to leases for facilities, vehicles, and equipment.
The total transaction value stood at approximately $27.5 million, subject to standard post-closing adjustments. This total was made up of $22.5 million in cash alongside 307,503 shares of Ranger Class A common stock. The stock was valued at $5.0 million using a 30-day volume-weighted average price up to the day before the closing. Ranger covered the cash payment through drawdowns on its Wells Fargo revolving credit facility.
The divesting entities included STEP Energy Services (USA) Ltd., STEP Energy Services (Leasing) LLC, STEP Energy Services Holdings Ltd., and STEP Nitrogen Industrial Services (USA) Ltd.
