Ashtead Technology Acquires Aqua-Tech Solutions
Ashtead Technology has acquired Louisiana-based subsea equipment rental and cutting services specialist, Aqua-Tech Solutions, as part of the company’s international growth plans in the US.
The combined business will provide clients in the Gulf of Mexico region access to the group’s equipment and services from locations in Broussard and Houma, Louisiana.
The acquisition significantly strengthens Ashtead Technology’s ROV and mechanical tooling offering, broadening its survey sensor rental fleet. It also sees the firm’s specialist subsea services capability extended with the introduction of subsea cutting equipment.
This latest transaction is the fourth deal completed by Ashtead Technology since the business was acquired by Buckthorn Partners and APICORP in April 2016. It has facilities in the UK, UAE, Canada, Singapore, and US, and the acquisition takes the total number of personnel up to 160 across its operations.
Allan Pirie, Ashtead Technology chief executive, said: “We are very pleased to welcome the Aqua-Tech Solutions team into the Ashtead Technology group and to expand our operations in Louisiana. This acquisition enables us to provide our full equipment and service capability right where our clients require it, at their project mobilization locations at ports across the Gulf of Mexico coast.
The company acquired Canadian-based underwater inspection company Welaptega last November. In early 2018, it completed a joint venture with Forum Energy Technologies to create a provider of subsea survey and ROV equipment services. The JV operates a fleet of 19,000 assets worth more than $128.77 million.
In January, Ashtead Technology announced a partnership with 4Subsea to make its autonomous, retrofittable sensors available to the oil and gas industry via Ashtead.
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