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Investing.com -- Ranger Energy Services Inc (NYSE:RNGR) stock surged 5.9% in afterhours trading following the company’s announcement of its first Hybrid Double Electric Workover Rig development, representing a significant advancement in the workover rig space.
The company revealed that two of these innovative ECHO rigs are currently under construction with delivery expected in the third quarter of 2025. Notably, both rigs have already been contracted with major U.S. operators, with agreements that include provisions for return on capital investment and options for additional units.
Ranger’s approach involves converting existing Taylor rig designs in its fleet, allowing for electrification at costs "meaningfully below" the estimated price of building new electric rigs from scratch. The ECHO rigs are engineered to operate with zero emissions when connected to well site power and feature electric drive trains that support regenerative braking.
"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."
The company highlighted that the modular architecture of these rigs allows key components to be swapped or serviced with minimal downtime. Additional features include real-time system diagnostics, remote safety interlocks, and integrated artificial intelligence support from Ranger Overwatch.
Ranger indicated it remains positioned to expand deployment of these electrified rigs as market interest grows.
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