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Highlights
Acquisition Announcement: Ashtead Technology has acquired Seatronics and J2 Subsea from Acteon Group for £63 million.
Strategic Investment: The acquisition includes a planned investment of £10 million into the rental fleets of both companies over the next year.
Enhanced Operational Capability: This move is Ashtead Technology's ninth acquisition in seven years, expanding its workforce by 100 employees and strengthening its presence in subsea operations.
Ashtead Technology (LSE:AT) has finalized a significant acquisition, acquiring Seatronics and its sister company J2 Subsea from Acteon Group for £63 million. This strategic transaction, announced early in the morning, marks a notable expansion for Ashtead, which has a history of growth through acquisitions, making this its ninth in seven years.
The acquisition is set to enhance Ashtead's operational capabilities significantly. A planned £10 million investment will be directed toward upgrading the rental fleets of Seatronics and J2 Subsea over the next 12 months. This investment aims to bolster the companies’ services, which focus on the installation, inspection, maintenance, repair, and decommissioning of subsea oil and gas as well as renewable energy infrastructure.
Allan Pirie, CEO of Ashtead Technology, emphasized the longstanding relationship with Seatronics and J2 Subsea, noting that this acquisition aligns with the company’s strategy to broaden its mechanical services capabilities while expanding its international footprint. The addition of these companies not only enhances the survey and robotics business but also strengthens customer relationships across both the oil and gas and renewables sectors.
Brice Bouffard, CEO of Acteon, expressed gratitude to the Seatronics and J2 teams for their dedication and wished them success under Ashtead Technology's leadership. This acquisition reflects Acteon's commitment to optimizing its portfolio, enabling it to better serve the evolving offshore energy market.
Overall, this strategic acquisition positions Ashtead Technology for further growth and reinforces its commitment to enhancing expertise and capabilities within the subsea sector.
