Ranger Energy Services to Launch Industry's First Hybrid Double Electric Workover Rigs
Ranger Energy Services, Inc. (NYSE:RNGR) ("Ranger" or the "Company") today announced the development of the industry's first Hybrid Double Electric Workover Rig. This innovation represents a major leap forward in improving operating efficiency, maintaining safe operations and reducing emissions.
Construction of the hybrid rigs involves the conversion of an existing Taylor rig design uniquely available to Ranger, allowing electrification of the existing high-specification rig fleet at a cost that is meaningfully below the estimated cost of a newbuild electric rig. The ECHO rig leverages proven industrial electrification technologies adapted from outside the energy sector, delivering a differentiated solution to the market. Two ECHO rigs are under construction with delivery expected in the third quarter of 2025.
"This project reflects the balance Ranger brings to innovation," said Stuart Bodden, Chief Executive Officer. "We've engineered a capital-efficient path to electrification that is a step change in operating efficiency with significant safety enhancements and the capability to eliminate emissions. Both of our ECHO rigs have been contracted with major U.S. operators and these contracts include provisions for a return on our capital investment and options for additional ECHO rigs demonstrating market demand for this differentiated solution."
The ECHO rigs are engineered to operate with zero emissions when connected to well site power. Their electric drive trains support regenerative braking, while a modular architecture allows key components to be swapped or serviced with minimal downtime. With real-time system diagnostics, remote safety interlocks, and integrated artificial intelligence support from Ranger Overwatch, these rigs set a new standard for performance and safety.
Ranger Energy Services continues to focus on practical innovation that delivers measurable impact and the Company remains well positioned to expand deployment of these electrified rigs as market interest grows.
About Ranger Energy Services
Ranger Energy Services, Inc. (NYSE:RNGR) is a premier provider of high-specification well service rigs and completion-focused solutions to the U.S. onshore oil and gas industry. Ranger is committed to delivering safe, reliable, and innovative services that maximize customer productivity while supporting environmental responsibility.
Forward-Looking Statements
Certain statements included in this release are forward-looking and subject to risks and uncertainties. Actual results may differ materially from those expressed or implied. Refer to the Company's SEC filings for further information.
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Company Contact:
Melissa Cougle
Executive Vice President and Chief Financial Officer
(713) 935-8900
[email protected]