Ashtead Invests $3.9 Mln in Its Rental Fleet

 Global subsea equipment specialist Ashtead Technology said it has invested £2.8 million ($3.9 million) in new technology over the past month in response to anticipated market demand.

The company has stocked up with core survey, imaging, mapping and positioning systems from a range of industry suppliers including Teledyne, Sonardyne, R2Sonic, EdgeTech and Geometrics, in order to fully support customer projects.

The announcement follows the recent completion of Ashtead’s joint venture with Forum Energy Technologies to provide subsea survey and ROV equipment rental services. The combined business, trading as Ashtead Technology, now boasts a fleet of 19,000 assets worth in excess of £100 million supported by 120 staff from its facilities in Aberdeen, Abu Dhabi, London, Houston and Singapore.

“Prevailing market conditions are driving a greater willingness to explore new ways of doing things, however the cost of purchasing new technology can be beyond the reach for many firms,” said Allan Pirie, CEO of Ashtead Technology. “Equipment rental is the perfect model to trial and get comfortable with new technology. We are committed to investing in the latest technology to solve specific industry challenges and ensure underwater projects are delivered as cost efficiently as possible.”