Ranger Energy Buys STEP's US Coiled Tubing Fleet for $27.5M

Ranger Energy Buys STEP's US Coiled Tubing Fleet for $27.5M

Ranger Energy Services will acquire STEP Energy Services’ entire U.S. coiled tubing fleet for approximately $27.5 million, a deal that vaults Ranger into the number two spot among coiled tubing providers in the Lower 48, World Oil reports.

Market Impact

The deal covers 13 full coiled tubing spreads, related equipment, inventory, and certain property and vehicle lease obligations. STEP’s U.S. coiled tubing footprint spans five facilities, with its heaviest concentration in the Permian basin and additional operations stretching from the Bakken through South Texas, territory that overlaps directly with Ranger’s existing operations.

Ranger expects to bring on roughly 220 STEP coiled tubing professionals and support staff and take over operations when the transaction closes on or about September 11, 2026. The acquired fleet includes STEP’s COIL+ extended-reach technology and ultra-deep intervention equipment built for longer, deeper wells. Ranger CEO Stuart Bodden said the company had been evaluating ways to scale its Rockies coiled tubing business since earlier this year, adding that “Ranger will be a formidable coiled tubing provider with meaningful share in basins where we already have a deep presence.” STEP said exiting its U.S. coiled tubing business lets it focus on its Canadian operations, including coiled tubing, hydraulic fracturing, and cementing in the Western Canadian Sedimentary basin. The transaction still requires customary closing conditions and third-party consents.

What It Means for Subcontractors

• Well servicing and drillout subcontractors in the Permian should expect a bigger, more consolidated competitor: Ranger says the expanded coiled tubing business will complement its high-spec well servicing rigs and add flexibility for drillout programs.
• Field crews and support staff currently working STEP’s five U.S. coiled tubing facilities (Permian, Bakken through South Texas) face a transition, with roughly 220 positions expected to move to Ranger around the September 11, 2026 closing date. Workers and staffing subs should confirm employment terms with STEP or Ranger before that date.
• Equipment and inventory suppliers tied to STEP’s coiled tubing operations should reach out to Ranger’s procurement team ahead of closing to understand which vendor relationships and lease obligations carry over.
• Companies competing for coiled tubing work in the Bakken and Permian should reassess pricing and capacity planning now that a single operator will control 13 spreads plus COIL+ extended-reach and ultra-deep intervention capabilities in those basins.
• STEP’s pivot toward its Canadian coiled tubing, hydraulic fracturing, and cementing operations in the Western Canadian Sedimentary basin signals where its remaining subcontracting demand will concentrate going forward.