Ranger Energy Unveils Industry's First Hybrid Double Electric Workover Rig, With Two Units Set For Q3 2025 Delivery

Ranger Energy Services, Inc. (NYSE:RNGR) ("Ranger" or the "Company") today announced the development of the industry's first Hybrid Double Electric Workover Rig. This innovation represents a major leap forward in improving operating efficiency, maintaining safe operations and reducing emissions.

Construction of the hybrid rigs involves the conversion of an existing Taylor rig design uniquely available to Ranger, allowing electrification of the existing high-specification rig fleet at a cost that is meaningfully below the estimated cost of a newbuild electric rig. The ECHO rig leverages proven industrial electrification technologies adapted from outside the energy sector, delivering a differentiated solution to the market. Two ECHO rigs are under construction with delivery expected in the third quarter of 2025.