NextGeo finalizes acquisition of share in Italian subsea services firm

September 5, 2025, by Nadja Skopljak

Italy-headquartered Next Geosolutions (NextGeo) has completed the acquisition of 75.4% of the share capital of RANA Subsea, a compatriot subsea services company established in 1964, thereby expanding its operations into the Mediterranean and West African countries and broadening its range of services.

Following the closing, the new corporate bodies of RANA Subsea were appointed, with the board of directors comprising Giovanni Ranieri as Chairman, Giuseppe Maffia as Executive Director, and Alessandro Buffa as CEO.

The purchased 75.4% was held by Nettuno Holding, owning around 55.8%, and 19.6% directly and indirectly held by RANA’s CEO Alessandro Buffa.

The maximum consideration amounts to €36.7 million, paid in cash, with approximately €26 million upon closing and a maximum of approximately €10.7 million upon approval of RANA Subsea’s consolidated financial statements on December 31.

NextGeo noted that the acquisition broadens its range of offerings and expands its geographical footprint in the West and North Africa markets, as well as in the Middle East.

RANA Subsea, founded in Marina di Ravenna in 1964, employs approximately 90 persons and offers engineering and project management services, subsea installation, as well as inspection, maintenance, repair (IMR), and decommissioning services for offshore energy infrastructures.

Besides Italy, RANA is currently present, through its subsidiaries, in Congo, Libya, and Equatorial Guinea, from which it conducts operations offshore West and North Africa. Through the subsidiary Rana Works BV, it holds an operational base in the Netherlands.

The company closed the 2024 financial year with revenues of approximately €63.8 million, EBITDA of around €16.7 million (EBITDA margin at 26.3%), and EBIT of €13.7 million (EBIT margin at 21.4%). The net financial position as of December 31, 2024, shows a net debt of about €2.5 million. The RANA Group’s backlog, as of December 31, 2024, reaches a value of approximately €120 million.