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Ashtead completes fourth acquisition in three years

Ashtead Technology has taken over a Louisiana-based energy services firm as part of its US expansion plans.

The acquisition of Aqua-Tech Solutions is Ashtead’s fourth since April 2016, when the Aberdeenshire-headquartered business was snapped up by Buckthorn Partners and Arab Petroleum Investments Corporation.

Ashtead has also invested in Canadian underwater inspection firm Welaptega, Forum Energy Technologies’ rentals wing, and Abu Dhabi based TES.

Aqua-Tech is a subsea equipment rental and cutting services specialist whose services are expected to benefit Ashtead’s clients.

The acquisition lifts Ashtead’s global headcount by about 30 to 160 across operations in the UK, UAE, Canada, Singapore and the US.

Ashtead chief executive Allan Pirie 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 mobilisation locations at ports across the Gulf of Mexico coast.

“Aqua-Tech Solutions is a strong fit with our strategic goal to increase the group’s equipment and services to match customer demand.

“At the same time, it solidifies our established subsea solutions fleet in support of our clients’ long-term successes around the world.”

Aqua-Tech president Jared Deculus said: “This is an exciting time for the business. The opportunities offered by becoming part of the Ashtead Technology group will enable us to deliver a broader range of equipment and project services to our clients.

“It also opens us up to wider international market prospects where clients are looking for the range of specialist cutting equipment and personnel we can provide.”

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