Ashtead Technology, a provider of subsea technology and services, has signed an agreement to acquire Seascan Limited and its subsidiaries (known as Seatronics), as well as its sister company J2 Subsea Limited, international subsea electronics and ROV tooling rental and services businesses, from Acteon Group.
The UK£63mn acquisition – which remains subject to closing conditions – represents the company’s ninth in seven years. By bringing Seatronics and J2 onboard, Ashtead Technology is aiming to expand its capabilities within the global survey & robotics rental market. Together, the two entities have operations in Singapore, UK, US and UAE, from which they provide subsea electronics and tooling products and services to the offshore energy market. This includes supporting the installation, inspection, maintenance & repair, and decommissioning of subsea oil & gas infrastructure, as well as renewable counterparts.
Brice Bouffard, Chief Executive Officer of Acteon, 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.”
An expanded team and portfolio
In acquiring the two companies Ashtead has gained access to a highly-skilled employee base of 110 and has added more than 7,000 proprietary assets, thus increasing its rental portfolio by 30%.
“Seatronics and J2 are businesses we have known for a long time,” remarked Allan Pirie, Chief Executive Officer of Ashtead Technology. “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.”
