Ashtead Technology acquires Underwater Cutting Solutions

Ashtead Technology acquires Underwater Cutting Solutions

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10 September 2019

Ashtead Technology has further expanded its inspection, maintenance and repair (IMR) and decommissioning capabilities with the acquisition of Underwater Cutting Solutions (UCS) for an undisclosed sum.

This is the fifth deal completed by the international subsea equipment and solutions specialist since the firm was acquired by Buckthorn Partners and APICORP in April 2016.

This latest transaction further demonstrates Ashtead’s commitment to providing a wider subsea equipment and IMR services offering to its clients.

Allan Pirie, chief executive of Ashtead Technology, said: "This investment is a further demonstration of the commitment of our investors and their confidence in our overall global growth strategy.

"The addition of UCS, a highly regarded and long-standing subsea business, underlines our ambition to be a global leader in IMR and provide one of the widest subsea equipment and service offerings in this field to our customers.”

Founded in 2004, UCS is a market leader in the North Sea, providing mechanical cutting, dredging and coating removal equipment and services.  Over the past 15 years, it has developed and successfully deployed a suite of purpose designed tools and techniques for the cutting of subsea and topside pipelines and structures. 

General Manager of UCS, Fraser Collis, will continue to manage the business from its base in Inverurie, Aberdeenshire and, working with the Ashtead team, will lead the international expansion of the business.

Mr Collis said: "This is a great time to become part of Ashtead Technology. Joining the group will allow us to create tremendous opportunities for our team, further invest in our market leading technology and capabilities and give us the ability to meet the growing IMR and asset decommissioning requirements on a global stage.”

Since investment by Buckthorn Partners and APICORP in April 2016, the business has grown significantly with the acquisition of TES, Forum Subsea Rentals, Welaptega, Aqua-Tech Solutions and UCS.

Buckthorn Partners and APICORP recently reaffirmed their continued support for the business through the acquisition of Forum Energy Technologies’ interest in Ashtead Technology. Forum’s stake in Ashtead was acquired in January 2018 as part of the transaction which resulted in the merger between Forum’s subsea rentals business and Ashtead.

The addition of UCS to Ashtead’s portfolio follows recent growth announcements in key geographic regions, most notably investments in a new Houston facility and the expansion of its Singapore base.