UK-headquartered subsea equipment rental and solutions provider Ashtead Technology has completed its £63 million (approximately $81.6 million) acquisition of Seatronics and J2 Subsea, expanding its subsea survey and robotics capabilities portfolio.
According to Ashtead Technology, the deal bolsters the company’s rental fleet by approximately 30% and brings over 100 specialist technical employees into its workforce.
Seatronics and J2 Subsea, with operational bases in Singapore, the UAE, the UK, and the U.S., will further extend the company’s global reach and enhance its relationships with international clients in key offshore markets, Ashtead Technology noted.
“We are delighted to complete the acquisition of Seatronics and J2 Subsea. This transaction, the ninth we have completed in the last seven years, continues a remarkable journey of growth for the business. Bringing Seatronics and J2 Subsea into the group will allow us to provide a broader range of technology solutions to our global client base,” said Allan Pirie , Chief Executive Officer of Ashtead Technology.
“With a relentless focus on innovation, excellence and collaboration, we are proud to be building one of the world’s leading subsea technology businesses.”
Just recently, the UK-headquartered subsea solutions provider signed an agreement with Acteon Group to acquire Seatronics and J2 Subsea.
In November 2023, Ashtead Technology acquired the entire share capital of Rathmay Limited , the parent company of ACE Winches, from its founders Alfie and Valerie Cheyne, for a total cash consideration of £53.5 million on a cash and debt-free basis.