It is a critically important ship in competitive PvP combat amongst mid-level fleets. Its high damage and overall infinite squadrons allow it to turn the tides of many battles. However the Dominion Carrier and Paladin Carrier have since rolled over it in effectiveness.
Strategy and Setup
Unlike the Freyja, Valkyrie, and Valhalla Carrier, its support field is that of the Agility Field. The Agility is just much more important than the above carrier's fields because speed is crucial in many combat strategies.
The Ragnarok is mostly seen with Battleships or Cruisers, its Agility field makes them deadly against enemies as they can catch, blitz, or kite enemies much easier than for say a Valhalla Carrier which only improves shield damage.
The Ragnarok is also seen with later on Destroyer FvF fleets which decimate almost all fleets. Its speed boost allows it to turn much faster making frigates even less viable. It is also very cheap making it amazing for mid-level combat.
Like all carriers, it is only a support ship. It is slow and massive in size making it hard to ever dodge projectiles when alone. Once the carrier is no longer supported it usually falls quickly to the enemy hulls.
Although rare, sometimes the Ion Field or Phase Shifter Field is much more valuable than the Agility Support Field, maybe cutters are already fast enough but have trouble taking down shields (Burst Ray) making the above fields more important.
Take Control of VEGA's own Ragnarok Carrier, the bane of the rebellion.
— Event Store
The Ragnarok carrier was designed by VEGA in "Project Ragnarok" as a final solution to bring justice to the rebels and deter them from any further attacks, as was revealed by Larus shortly after he was freed. This of course failed miserably.
During the Face Off event, Larus and Algol have managed to procure the plans for the Ragnarok Carrier, in addition to the Aurora Ray and Interceptor Squadron, providing it to any of the rebels who met their quota of Amber shards from killing the Vsec Regulator Fleets.
Even with the plans leaked, Bishop and General Geir (Prior to Nemesis) still used the Ragnarok heavily as a supporting hull in their attack fleets.
A Ragnarok Carrier launching 4 groups of Fighter Squadrons
Ragnarok Carrier in battle
Ragnarok Carrier blueprint
Ragnarok carrier under attack from a squad of bombers.
Ragnarok carrier about to be destroyed by Tempest drivers
It was the first carrier-class ship to ever appear in the game.
It is listed an "Uncommon" hull from the VSec Marshal battle logs. This indicated carriers would be released continuously in larger numbers, which held true for the event Arms Race, where every VSec Regiment had the same layout, and this also held true in Countermeasures, with VSec Augments, and it finally became available in the event Face Off.
They're the second most common Carrier by far, seen in both player and VEGA fleets.