Buckthorn and APICORP increase investment in Ashtead Technology

Forum Energy Technologies (FET) has agreed to sell its interest in Ashtead Technology which it acquired in January 2018 as part of the transaction which resulted in a merger between FET’s subsea rentals business and Ashtead. The merger created the industry’s largest independent provider of subsea survey and ROV equipment rental services.

Allan Pirie, Ashtead Technology CEO, said: “Since the joint venture with FET, we have completed two acquisitions and further expanded our global asset fleet in support of our customers, delivering solid growth as a result.

“Our investors, led by Buckthorn Partners, have acquired FET’s interest in Ashtead demonstrating their continued support for the business. This will enable Ashtead to further progress its growth plans both organically and through mergers and acquisitions.”