23/04/2019 - 15:43

DDH1 acquires Ranger Drilling

23/04/2019 - 15:43

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DDH1 Driling has acquired Ranger Drilling, which will see the Sy van Dyk-led company grow to 700 employees and 84 drill rigs.

DDH1 acquires Ranger Drilling
Sybrandt van Dyk says Ranger will continue operating as a separate company.

DDH1 Drilling has acquired Ranger Drilling, which will see the Sybrandt van Dyk-led company grow to 700 employees and 84 drill rigs.

Canning Vale-based DDH1 announced it bought Ranger Drilling from Matt and Julie Izett, who established the company in 2005.

Ranger specializes in providing reverse circulation drilling services in the WA iron ore market.

Mr Izett will continue to manage Ranger’s 18 rigs.

DDH1 chief executive Sybrandt van Dyk said Ranger will continue operating as a separate company, under the same management from the same premises.

DDH1’s intention is to continue to grow the Ranger brand, while preserving their culture of leadership, productivity, innovation and safety,” he said.

“These are the qualities that attracted our investment in Ranger and we want to ensure it is protected and fostered going forward.”

Mr van Dyk was the chief executive of Macmahon for a year and four months until October 2016.

He has been the chief executive of DDH1 since October 2018.

Ranger managing director Matt Izett said DDH1 is a natural partner for Ranger to further its growth ambitions by providing additional capital to the business in a cost effective and disciplined manner.

“I look forward to continue leading and growing the business Julie and I founded in 2005 and to deliver superior drilling solutions to our loyal customer base, whilst contributing at a senior level to the wider group’s operations,” he said.

In June 2018, DDH1 acquired Strike Drilling, which had eight rigs.

At the time of the acquisition, DDH1 had around 50 rigs in its fleet, and the combined group was expected to have about $170 million of revenue and $45 million to $50 million in earnings before interest, tax, depreciation and amortisation.

Oaktree Capital Management is the largest shareholder of DDH1

 

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