AUS
NZ
UK
CA
USA
IND
_06_19_2026_12_34_15_139937.jpg)
Highlights:
- Ashtead acquires Seatronics and J2 for £63 million, funded by an expanded credit facility.
- The deal enhances Ashtead’s subsea capabilities, focusing on survey and robotics services in the offshore oil, gas, and renewables sectors.
- Seatronics and J2 generated £51.5 million in revenue over the trailing twelve months, with operations in key global offshore locations.
Ashtead Technology Holdings PLC (LSE:AT) has announced the acquisition of underwater rental businesses Seatronics and J2 for £63 million in cash, further expanding its capabilities in the subsea sector. The deal, funded by a £70 million increase in Ashtead's revolving credit facility, is a strategic move aimed at strengthening its position in the offshore oil, gas, and renewables sectors.
Both Seatronics and J2, previously owned by Acteon Group, specialize in subsea electronics and remotely operated vehicle (ROV) tooling rental services. These businesses complement Ashtead’s existing portfolio, allowing the company to expand its offerings in survey and robotics services. This acquisition is expected to enhance Ashtead's competitive edge in delivering high-quality, specialized services to its customers across key offshore industries.
Seatronics and J2 operate in major offshore locations, including the UK, US, UAE, and Singapore. Over the trailing twelve months leading up to September 2024, the two companies generated combined revenues of £51.5 million. The acquisition is seen as a valuable addition to Ashtead’s portfolio, with these established businesses offering strong synergies and opportunities for growth in key global markets.
Ashtead’s CEO expressed optimism about the acquisition, stating that it will significantly bolster the company’s capabilities in underwater operations. The deal is part of Ashtead’s ongoing strategy to expand its reach in the offshore industry and capitalize on increasing demand in oil, gas, and renewables.
With this acquisition, Ashtead Technology continues to build a robust portfolio of specialized underwater services, positioning itself for further growth and leadership in the subsea market.
