Ashtead snaps up Underwater Cutting Solutions

Subsea service firm Ashtead Technology has continued its hot streak of acquisitions with the takeover of a north-east contractor.

Ashtead, headquartered in Westhill, near Aberdeen, has swooped for Underwater Cutting Solutions (UCS), which is based in Inverurie and employs 35 people.

The acquisition value was not disclosed.

It is the fifth acquisition Ashtead has completed since itself coming under new ownership in 2016.

The business was taken over by Buckthorn Partners and Arab Petroleum Investments Corporation that year.

Ashtead went on to buy Canadian underwater inspection firm Welaptega, Forum Subsea Rentals, Abu Dhabi based TES, and Aqua-Tech Solutions, of Louisiana.

The UCS deal means Ashtead now employs more than 180 people globally.

Founded in 2004, UCS provides mechanical cutting, dredging and coating removal equipment and services.

UCS general manager Fraser Collis will continue to manage the business.

Ashtead chief executive Allan Pirie said: “This investment is a further demonstration of the commitment of our investors and their confidence in our overall global growth strategy.

“The addition of UCS, a highly regarded and long-standing subsea business, underlines our ambition to be a global leader in inspection, maintenance and repair and provide one of the widest subsea equipment and service offerings in this field to our customers.”

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Craigmill, Pitcaple, Inverurie, Aberdeenshire, United Kingdom, AB51 5HP
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