REG - Ashtead Tech Hldgs - Completion of WeSubsea Acquisition

Ashtead Technology HoldingsAnnouncement

28/09/2022 07:00

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RNS Number : 9139A  Ashtead Technology Holdings plc  28 September 2022

28 September 2022

Ashtead Technology Holdings plc

("Ashtead Technology" or the "Group")

 

Completion of WeSubsea Acquisition

 

Ashtead Technology completes acquisition of specialist subsea dredging
technology business

 

Further to the announcement of 5 September 2022, Ashtead Technology, the
international subsea rental equipment and solutions specialist, is pleased to
announce the completion of its acquisition of the entire share capital of
WeSubsea AS ("WeSubsea").

 

Allan Pirie, CEO of Ashtead Technology, commented: 'I am delighted that we
have now completed what is the Group's sixth acquisition in the past five
years. We have acquired an outstanding business and reinforced our commitment
to broadening our capability and service offering through M&A to support
customers' operations globally.'

 

For further information, please contact:

 

 Ashtead Technology                           (via Vigo Consulting)

 Allan Pirie, Chief Executive Officer

 Ingrid Stewart, Chief Financial Officer

 Vigo Consulting (financial PR)               Tel: +44 (0)20 7390 0230

 Patrick d'Ancona

 Finlay Thomson

 Numis Securities Limited (Nomad and Broker)  Tel: +44 (0)20 7260 1000

 Julian Cater

 George Price

 Jonny Abbott

 Kevin Cruickshank (QE)

 

Notes to editors:

 

Ashtead Technology is a leading subsea equipment rental and solutions provider
for the global offshore energy sector.  Ashtead Technology's specialist
equipment, advanced-technologies and support services enable its customers to
understand the subsea environment and manage offshore energy production
infrastructure.

 

The Company's service offering is applicable across the lifecycle of offshore
wind farms and offshore oil and gas infrastructure.

 

In the fast-growing offshore wind sector, Ashtead Technology's specialist
equipment and services are essential through the project development,
construction and installation phase. Once wind farms are operational, Ashtead
Technology supports customers with inspection, maintenance and repair ("IMR")
equipment and services.  In the more mature oil and gas sector, Ashtead
Technology's focus is on IMR and decommissioning.

 

Headquartered in the UK, the Company operates globally, servicing customers
from its nine facilities located in key offshore energy hubs.

 

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