UK-headquartered Subsea Technology & Rentals (STR) has entered into an investment deal with STAR Capital Partnership as part of its growth strategy.
STAR Capital Partnership has become STR’s new majority shareholder, with the investment set to enable the UK firm to further evolve its equipment and service offering through organic and acquisition-led growth.
The investment will also expand STR’s geographical presence with a new base in Norway set to open in early 2025, with further expansion on the horizon.
Steve Steele will continue leading STR as Chief Executive Officer alongside Chief Financial Officer Stuart Bannerman. Uniti Bhalla, Managing Partner, and Philipp Moy, Principal of STAR, will join the STR board.
Baird Capital, an investor of STR since January 2022, has exited the business following the new investment.
“Securing STAR as our new majority investor will unlock significant growth potential as we plan to enter new markets and further boost our disruptive technology offering. We have undergone a significant transformation over the last few years from an equipment rental business to be one of the most trusted international providers of subsea sensor technology and services across the offshore energy, infrastructure and marine markets, and we intend to go much further,” Steele said.
“This deal signals confidence in the long-term role we will play in offshore energy transformation. The investment enables us to further enhance our product and service offering, extend our geographic footprint and pursue complementary acquisitions. It creates opportunities for STR’s loyal clients, employees and suppliers around the world.”
STR, which has technology and service facilities in Aberdeen, Great Yarmouth, Houston, Perth and Singapore , has nearly doubled its headcount in the last three years, with 110 people globally and expects to add a further 20 people in the coming year, with further growth to be delivered through strategic acquisitions.
According to the UK company, further plans include an increase in revenue through a focus on sustained research and development, displacing legacy subsea technologies with innovative challenger products.