Houston-based Ranger Energy Services Inc. has agreed to swap stock for Patriot Completion Solutions LLC to expand its Lower 48 wireline business.

Ranger provides well service rigs and associated oilfield services (OFS) for domestic onshore producers with a focus on unconventional well completions and production operations. Patriot, a portfolio company of White Deer Energy, offers cased-hole wireline, pumpdown and coiled tubing services principally in the Bakken and Eagle Ford shales, Permian Basin and the Rockies.

Ranger would add 22 wireline units to its fleet with Patriot. No other financial details were disclosed.

“The addition of Patriot to our Ranger portfolio of companies checks a number of strategic boxes,” CEO Darron Anderson said. “Operators continue to drive capital discipline, resulting in a material growth of well maintenance and intervention style work. Patriot’s primary service offering of wireline evaluation and intervention plays an integral role in these types of operations, significantly expanding Ranger’s current capabilities.”

Patriot’s wireline completion units are to be integrated into Ranger’s Mallard wireline business unit to create “greater scale and immediate synergy capture. Most importantly, Patriot brings an extremely talented and technical team to the Ranger family, along with an asset base of 22 wireline units which significantly increases our fleet size and geographical reach.”

Patriot, which completed a Chapter 11 restructuring last October, is led by CEO Dragan Cicvaric.

“As we move into our next phase of growth, we are excited to be joining the Ranger family of companies,” Cicvaric said. “Ranger has demonstrated their knowledge and commitment to the wireline business through their Mallard brand. Their reputation and experience bring an extreme level of excitement and confidence to our team.”

During the 1Q2021 conference call in early May, Anderson had expressed frustration about Ranger’s wireline business. He said results of late had been “tempered by the continued low pricing.”

The wireline market, he said, was “prime for consolidation.”

Ranger, he noted, was working on “multiple,” small mergers and acquisitions, both bolt-ons to existing OFS lines and some to extend core offerings.

“Tactically, we believe in being opportunistic,” Anderson said. “There’s a right time and a wrong time in each cycle to be acquisitive. I’ll note that what proves to be the right timing decision in the long run is often counter to consensus thinking at the time.”