Forum Sells Its Stake in Ashtead Technology
its stake in Ashtead Technology in January 2018 as part of the transaction which resulted in a merger between Forum’s subsea rentals business and Ashtead. The merger created the industry’s largest independent provider of subsea survey and remotely operated underwater vehicle (ROV) equipment rental services.Ashtead chief executive Allan Pirie, said, “Since the joint venture with [Forum], we have completed two acquisitions and further expanded our global asset fleet in support of our customers, delivering solid growth as a result.”Pirie said continued investor support will enable
Ashtead Invests $3.9 Mln in Its Rental Fleet
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
Ashtead Technology, Forum Energy Technologies Complete Joint Venture
with Forum Energy Technologies, Inc., effective January 3, 2018. As part of the transaction, Forum Energy Technologies contributed its subsea rentals business, which traded as Forum Subsea Rentals, creating an independent provider of subsea survey and remotely operated vehicle (ROV) equipment rental services. “With a fleet of 19,000 assets valued in excess of $139 million, and the ability to service all major subsea hubs, we become a business of significant scale and enhanced capability that is well placed to support our customers’ project requirements,” said
February 2024
