Ranger Energy Services Announces Contract with Chevron to Build Three Additional ECHO Hybrid Rigs

Key Terms

workover rig technical

A workover rig is a mobile drilling platform and crew used to service, repair, or upgrade an existing oil or gas well—think of it as a specialized repair crew and toolbox for a well’s equipment and performance. It matters to investors because workovers can restore or boost production, extend the life of a well, and change operating costs or downtime; those effects directly influence revenue, reserves and the timing of cash flow.

winterization packages technical

A winterization package is a set of parts, procedures and materials used to prepare equipment, facilities or products to operate reliably in cold, icy, or snowy conditions. Like putting a warm coat and snow tires on a vehicle, it can include insulation, heaters, anti-freeze fluids, weather seals, and cold-weather testing or installation work that reduce freeze-related failures. For investors, winterization affects operating reliability, maintenance costs, seasonal revenue and regulatory or safety compliance for businesses exposed to cold climates.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

HOUSTON--(BUSINESS WIRE)-- Ranger Energy Services, Inc. (NYSE: RNGR) (“Ranger” or the “Company”) today announced that it has entered into a contract with Hess Corporation, a wholly owned subsidiary of Chevron Corporation (NYSE: CVX) to deploy three additional ECHO hybrid workover rigs in the Lower 48 United States. Introduced in 2025, Ranger’s ECHO workover rig is the industry’s first Hybrid Double Electric Workover Rig and reflects the Company’s ongoing conversion and electrification of its conventional rig fleet.

“We are pleased to collaborate with Chevron as Ranger continues to advance the modernization of the well services sector,” said Stuart Bodden, Chief Executive Officer of Ranger. “Following the delivery of Ranger’s first two ECHO rigs in 2025, customer interest in Ranger’s differentiated technology has continued to increase. This agreement with Chevron further supports the advancement of the ECHO platform. The contract is also aligned with Ranger’s ‘Lead the Way’ culture and our continued commitment to innovation, efficiency, and safety.”

The three additional ECHO workover rigs contemplated under the contract are expected to be delivered to Chevron in 2027. The rigs will be equipped with winterization packages and are expected to operate in the Bakken. Ranger Energy Services remains focused on practical innovations that provide measurable operational value to its customers. With these additions, Ranger’s active ECHO rig fleet is expected to reach twenty rigs by the end of 2027.

About Ranger Energy Services

Ranger Energy Services, Inc. (NYSE: RNGR) is the largest provider of high-specification well service rigs to the U.S. onshore oil and gas industry. Ranger is committed to providing safe, reliable, and innovative services that enhance customer productivity while supporting environmental responsibility.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260713838331/en/

Melissa Cougle
Executive Vice President and Chief Financial Officer
(713) 935-8900

Source: Ranger Energy Services, Inc.