Ashtead Technology acquires Aqua-Tech Solutions

Source: press release, 24 April 2019

A diamond wire saw, one of the new assets in Ashtead Technology’s fleet following its acquisition of Aqua-Tech Solutions
A diamond wire saw, one of the new assets in Ashtead Technology’s fleet following its acquisition of Aqua-Tech Solutions (photo: Ashtead Technology)

Ashtead Technology has announced it 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 USA.

The combined business will see clients in the Gulf of Mexico region benefit from a robust and enhanced offering, allowing more timely and cost-effective access to the group’s full range of equipment and services from locations in Broussard and Houma, Louisiana.

The acquisition significantly strengthens Ashtead Technology’s ROV and mechanical tooling offering, broadening its already well-established 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. The agreement firmly establishes the company’s position as a global frontrunner in the provision of subsea equipment rental and project services. It has facilities in the UK, UAE, Canada, Singapore and USA and the acquisition takes the total number of personnel up to 160 across its operations.

Ashtead Technology chief executive, Allan Pirie says, “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,” adds Pirie.

Aqua-Tech Solutions president, Jared Deculus says, “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.”