Ashtead Technology announces acquisition of WeSubsea

Ashtead Technology has announced its intent to expand its mechanical solutions service offering with the planned acquisition of WeSubsea.

The transaction is expected to close during Q4 of 2022 and will be the Group’s sixth acquisition in the past five years, demonstrating its commitment to expanding its geographical presence and growing its capability and service offering to support customers globally.

Founded in 2010, WeSubsea is a specialist in subsea dredging technology solutions supporting customers globally from its operating base in Aberdeenshire, UK.

Allan Pirie, Ashtead Technology’s CEO, said: “WeSubsea is a pioneering technology business with an excellent reputation and strong customer service ethos. Their fleet of high-performance dredge systems and strong technical know-how will be a great strategic fit for our business and will complement our extensive range of dredging, cutting, coating removal and ROV tooling solutions and services.

“The acquisition is expected to be completed during Q4 and underlines our ambition to be a global leader in IMR and decommissioning through providing one of the widest subsea equipment and service offerings in these fields to support our customers’ operations across the offshore energy sector.”

The addition of WeSubsea to Ashtead Technology’s portfolio follows recent growth announcements, most notably the company’s IPO on the London Stock Exchange’s Alternative Investment Market (AIM) in November 2021.