The completion of Ashtead Technology’s £63 million acquisition of Seatronics and J2 Subsea signals the firm’s “relentless focus on innovation,” chief executive Allan Pirie said.
By taking over the two Acteon-operated remotely operated vehicle (ROV) businesses, Ashtead has expanded its headcount by 100.
Ashtead Technology has tripled its workforce over the past year through acquisitions and business growth.
The firm is set to open an additional 36,000ft2 hub in Kintore, Aberdeenshire as it expands. This will support its existing facilities Westhill, Thainstone, Fintray and Turriff.
A company spokesperson told Energy Voice that this base will serve as a “global centre of excellence for asset integrity solutions and ROV and diver tooling”.
The Westhill business has also expanded its rental fleet by 30% as a result of the deal.
The north-east business’ M&A activity helped it see a surge in revenue in its 2023 full year results, growing 51% to £110.5m compared to £73.1m in 2022.
Pirie said: “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.”
J2 Subsea opened its doors in 2008 and provides “ROV tooling products” while offering services to subsea surveying firms.
Seatronics is an underwater technology firm which developed the VALOR ROV.
Ashtead Technology wrote following the takeover: ” This acquisition strengthens our survey and robotics service line, enabling us to provide a more comprehensive offering to our clients in the subsea market.”
Acteon was acquired by private equity investors Buckthorn Partners and One Equity Partners (OEP) from KKR in March.
Last month, Acteon CEO Brice Bouffard commented: “Upon closing, this transaction will be the next important step in focusing our service portfolio to achieve Acteon’s long-term strategic goals.
“Seatronics and J2 have been an integral part of our business for many years and I’m very pleased to see both teams moving together to such a dynamic new home at Ashtead Technology.
“Acteon is committed to optimising our portfolio to better serve our customers and stakeholders as we support the evolving offshore energy market.”
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