Subsea services provider Ashtead Technology (AIM: AT.) has signed an agreement to acquire Seascan Ltd from Acteon Group for £63 million.
The deal covers Seascan’s subsidiaries (known as Seatronics), and its sister company J2 Subsea Limited, international subsea electronics and ROV tooling rental and services businesses.
The transaction remains subject to customary closing conditions including approval of the Competition and Markets Authority.
This latest acquisition, the ninth in seven years, will further expand Ashtead Technology’s capabilities in the global survey & robotics rental market.
A flurry of M&A deals helped Ashtead see a surge in revenue in its 2023 full year results, with revenue growing 51% to £110.5m compared to £73.1m in 2022.
Ashtead Technology CEO Allan Pirie said: “Seatronics and J2 are businesses we have known for a long time. With our most recent acquisitions focussing on expanding our mechanical services capability, this latest acquisition strengthens our international footprint and capability within our survey & robotics market.
“We look forward to welcoming new colleagues to Ashtead Technology and increasing the wealth of in-house expertise as a larger Group, creating a world leading subsea survey and robotics team”.
Seatronics and J2 have operations in Singapore, UAE, UK and US, providing subsea electronics and tooling products and services to the global offshore energy market.
Together they support the installation, inspection, maintenance & repair, and decommissioning of subsea oil & gas and renewable energy infrastructure
The highly complementary acquisition will increase the breadth and depth of Ashtead Technology’s survey & robotics rental fleet and services, bringing a highly skilled employee base of 110 people with significant domain knowledge and technical expertise, adding more than 7,000 proprietary assets increasing Ashtead Technology’s rental portfolio by 30%.
Acteon CEO Brice Bouffard added: “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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