Ashtead Technology Ltd. acquired Louisiana-based subsea equipment rental and cutting services specialist Aqua-Tech Solutions LLC, which the U.K.-based company said April 24 is part of its international growth plans in the U.S. Gulf of Mexico (GoM).
The acquisition of Aqua-Tech, for an undisclosed amount, adds subsea cutting equipment to Ashtead’s specialist subsea services capabilities. The deal also grows Ashtead’s workforce to 160 personnel across its operations.
Allan Pirie, Ashtead Technology CEO, called Aqua-Tech a strong fit with its goal to increase its equipment and services to match customer demand.
“We are very pleased to welcome the Aqua-Tech Solutions team into the Ashtead Technology group and to expand our operations in Louisiana,” Pirie said in a statement. “This acquisition enables us to provide our full equipment and service capability right where our clients require it, at their project mobilization locations at ports across the Gulf of Mexico coast.”
The combined business will serve clients in the GoM region with offices in Broussard and Houma, La.
The transaction is the fourth deal completed by Ashtead Technology since the business was acquired by Buckthorn Partners and APICORP in April 2016. The company has facilities in the U.K., United Arab Emirates, Canada, Singapore and the U.S.
By becoming part of the Ashtead Technology group, Aqua-Tech President Jared Deculus believes the company will be able to deliver a broader range of equipment and project services.
“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,” Deculus said in a statement.
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