Ranger Buys Technip’s North American Diving Assets
- Business & Finance
Technip has signed an agreement to sell 100% of its North American diving assets to Ranger Offshore Inc.. Technip’s strategy focuses on high technology and ultra-deep water products and services.
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.
Proceeds from this divestment will be partially reinvested directly into Technip’s Subsea business, specifically focusing on improvements to the rigid pipe fabrication facility (spoolbase) in Mobile, Alabama, USA.
The sale to Ranger Offshore will facilitate the growth and development of their diving business with the addition of these subsea assets that have been in continuous operation in North America since 1973.
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.”
The closing of the sale is estimated to occur during the fourth quarter of 2014.
Press Release, September 16, 2014