(WO) — Ranger Energy Services has agreed to acquire STEP Energy Services’ U.S. coiled tubing assets for approximately $27.5 million, a transaction that will position Ranger as the second-largest coiled tubing provider in the Lower 48.
The acquisition includes 13 full coiled tubing spreads, related equipment and inventory, along with certain property and vehicle lease obligations. STEP’s U.S. coiled tubing operations span five facilities across Ranger’s existing footprint, with the largest presence in the Permian basin and additional operations extending from the Bakken through South Texas.
Ranger expects to hire approximately 220 STEP coiled tubing professionals and support staff and assume operations when the transaction closes, which is expected on or about Sept. 11, 2026.
The acquired assets include STEP’s COIL+ extended-reach technology and ultra-deep intervention capabilities designed for longer and deeper U.S. wells. Ranger said the expanded coiled tubing business will also complement its high-specification well servicing rig operations and provide additional flexibility for drillout programs.
“We have been proud of our Rockies coiled tubing business and began evaluating opportunities to scale it earlier this year,” Ranger CEO Stuart Bodden said. “Going forward, Ranger will be a formidable coiled tubing provider with meaningful share in basins where we already have a deep presence.”
STEP said the divestiture will allow it to concentrate on its Canadian energy services operations, including coiled tubing, hydraulic fracturing and cementing in the Western Canadian Sedimentary basin.
The transaction remains subject to customary closing conditions and required third-party consents.
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