Ashtead Technology Holdings PLC (AT), a leading global provider of subsea technology and solutions to the offshore energy market is pleased to announce the completion of its £63million acquisition of Seatronics and J2 Subsea.
The addition of Seatronics and J2 Subsea to the Ashtead Technology group strengthens the company’s subsea survey and robotics offering, increasing its rental fleet by ~30% and adding more than 100 specialist technical employees to the organisation’s growing workforce.
With bases in Singapore, UAE, UK and the US, the integration of Seatronics and J2 Subsea further strengthens Ashtead Technology’s international reach and global client relationships, ensuring that the combined business is well positioned in strategic geographies.
Allan Pirie, chief executive officer of Ashtead Technology, said: “We are delighted to complete the acquisition of Seatronics and J2 Subsea.
“This transaction, the ninth we have completed in the last seven years, continues a remarkable journey of growth for the business.
“Bringing Seatronics and J2 Subsea into the group will allow us to provide a broader range of technology solutions to our global client base.
“With a relentless focus on innovation, excellence and collaboration, we are proud to be building one of the world’s leading subsea technology businesses.”
The board plans to increase its focus on rental revenues including fleet investment of circa £10m in the first year of ownership.
