Ranger Energy Services completed the acquisition of American Well Services from Argonaut for $90.5m.

Ranger Energy Services, a provider of high specification mobile rig well services, cased hole wireline services, and ancillary services in the U.S. oil and gas industry, completed the acquisition of American Well Services, an oilfield services company providing well service rigs and comprehensive wellsite support, from Argonaut, a diversified private equity fund, for $90.5m. “Argonaut has made a series of investments over the past 7 years to create a best in class well services company and is proud to see the culmination of those efforts. The American Well Services team has built a strong platform with a good reputation that has benefited from recent operator consolidations. Making the choice to now combine with Ranger will enable the AWS assets and employees to take advantage of the growth opportunities that come from a multi-basin player with new and differentiated technology at an inflection point in the cycle. I look forward to seeing what the pro forma company will achieve together and appreciate the efforts of all the members of the AWS team that made today’s transaction possible,” Steve Mitchell, Argonaut CEO & Managing Director.