NextGeo expands into new regions via acquisition of share in 61-year-old Italian firm

July 22, 2025, by Nadja Skopljak

Italy-headquartered Next Geosolutions (NextGeo) has signed a sale and purchase agreement for the acquisition of 75.4% of the share capital of 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.

The transaction involves the acquisition of 75.4% of the share capital of RANA Subsea, currently 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 and will be 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.

“Since the IPO, we have followed a clear path: to grow in a solid and sustainable way by integrating companies that share our vision and enhance our operational capabilities. RANA brings with it a wealth of distinctive technical expertise, particularly in ROV, diving and subsea engineering services, which perfectly fit our offering. Through this transaction, we will be able to expand our geographical reach and broaden the range of services we offer, allowing us to further strengthen our presence in key reference markets,” said Giovanni Ranieri, CEO of NextGeo Group.

“This is, in fact, a highly strategic operation that will enable NextGeo to offer an even more comprehensive and diversified service portfolio, with tangible benefits in terms of efficiency, operational continuity, and industrial strength. It will also contribute to greater diversification and stabilization of our business revenues.”

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RANA Subsea was founded in Marina di Ravenna in 1964 to provide geophysical and subsea services for the offshore oil & gas sector. In the early 1970s, it was a pioneer in saturation diving in Italy. The company 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. RANA acts as a main contractor for IMR projects and as a strategic subcontractor for major EPCI/T&I projects.

RANA 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.

“Becoming part of the NextGeo Group, with which we share values and vision, represents a winning strategy to accelerate in a sustainable and structured way the growth path we have been following for years. The integration between the companies will generate operational synergies that will enable us to cover the entire lifecycle of offshore infrastructure,” said Buffa.

“Moreover, the complementary geographical presence and service offering of the two companies will open up new development opportunities in markets where Rana and NextGeo already boast leading positions in their respective business segments. Thanks to the high technological content and specialised know-how developed by both companies, the new set-up will represent a strategic lever for increasing investment in research and development, with the aim of strengthening innovation capabilities and accelerating the evolution of the offer towards increasingly advanced and efficient solutions.”

The transaction is expected to close by September. Buffa will continue to hold the position of CEO of RANA Subsea.