NextGeo expands with 75% stake in subsea firm

The €36.7 million deal means that NextGeo now has a 75.4% stake in Rana Subsea, which has a strong presence in the Mediterranean and West African markets, thus expanding NextGeo activities across the energy sector, particularly in offshore renewables, cabling and oil and gas.

The deal positions the combined group to offer comprehensive support across the entire lifecycle of offshore infrastructure projects—from initial geotechnical assessments to long-term inspection, maintenance, and repair (IMR) services.

NextGeo CEO Giovanni Ranieri says the transaction reinforces the group’s ambition to become a top-tier international subsea services player.

“Rana brings unique technical expertise and market coverage that align perfectly with our strategic vision,” he said. “This acquisition allows us to broaden our service portfolio, strengthen our presence in critical markets, and increase revenue diversification and business stability.”

Rana Subsea CEO Alessandro Buffa highlighted the operational synergies and complementary market strengths of the two companies.

“Joining the NextGeo Group enables us to accelerate our growth sustainably while enhancing innovation through shared R&D investment,” he said.

Deal details and background

The €36.7 million acquisition will be settled in two phases: €26 million paid at closing and up to €10.7 million contingent on Rana’s 2025 financial performance. As part of the agreement, Buffa will reinvest €6.2 million by purchasing shares in NextGeo from VR Consulting Srl and FG Consulting Srl, owned by NextGeo’s leadership.

Buffa will retain his role as CEO of Rana Subsea, ensuring continuity in leadership and integration.

Founded in 2014, Naples-based NextGeo operates globally in the offshore energy sector with a strong emphasis on renewable energy, geoscience, and construction support services.

It is part of the Marnavi Group, Italy’s largest offshore shipowner. The company ended 2024 with €203.3 million in production value and €43.1 million in net profit.

Rana Subsea, established in 1964 in Marina di Ravenna, pioneered subsea services in Italy and provides diving, ROV and subsea engineering services. It operates primarily in the Mediterranean and West Africa and serves top-tier clients including ENI, BP, Chevron, and Prysmian. In 2024, Rana reported €63.8 million in revenue and an EBITDA of €16.7 million.

A presentation of the acquisition, which was advised by Deloitte and PwC, will be held on July 23 at the Four Seasons Hotel in Milan and streamed online.