NextGeo to acquire 75.4 per cent stake in Rana Subsea

Italian marine services company NextGeo announced on July 22 that it has signed an agreement to acquire a 75.4 per cent stake in Rana Subsea, a specialist in subsea intervention services. The maximum consideration for the deal is €36.7 million ($43.1 million).

The transaction involves an initial payment of approximately €26 million at closing, with a further maximum payment of €10.7 million based on Rana Subsea's 2025 financial results. NextGeo said the deal is expected to close by September 2025, subject to regulatory approvals, including authorisation under Italy's "Golden Power" regulation.

Giovanni Ranieri, CEO of NextGeo, stated that Rana brings “distinctive” expertise in remotely operated vehicle (ROV), diving, and subsea engineering services that will allow NextGeo to expand its geographical reach and broaden its service offerings.

Founded in 1964, the Italy-based Rana Subsea operates primarily on offshore oil and gas projects in the Mediterranean and West Africa. For the 2024 financial year, the company had revenues of approximately €63.8 million.