Offshore Energy Tech Firm Ashtead Technology Goes Public

Ashtead Technology, a UK-based offshore energy services and technology company, announced Thursday that it had received strong support from new institutional investors and will begin trading on the London Stock Exchange's Alternative Investment Market on Tuesday, November 23. (AIM).

Current owners Buckthorn and APICORP will remain significant shareholders in the business which is set to become a publicly listed company.

The Aberdeen-based firm provides subsea equipment rental solutions, technologies, and support services to the global offshore energy sector.

"Over the past four years, Ashtead Technology has expanded its operations with five acquisitions which have helped drive strategic growth through geographic expansion and enhanced product and service offerings across its three service lines – survey and robotics, mechanical solutions and asset integrity," the company said.

So far this year, Ashtead Technology said that the company has invested £8 million in new subsea equipment and technology to expand its equipment rental fleet. It has also increased its workforce by 34 taking employee headcount to 204.

Offshore wind deals

"The company is experiencing strong momentum across its end markets, with increasing customer activity helping to drive revenue growth of approximately 25% in the six months to 30 June 2021 compared to the first half of 2020. It has continued to win new contracts for offshore wind developments and recently secured a series of awards to support the construction and installation of the Neart na Gaoithe (NnG) offshore wind farm, in the Firth of Forth. The offshore renewables energy market now accounts for 30% of Ashtead Technology’s revenue," Ashtead said in its announcement.Credit: Ashtead

Allan Pirie, Ashtead Technology’s CEO, said: "This development marks another exciting milestone in the evolution of Ashtead Technology. As a newly listed company, we plan to continue to grow and strengthen our core business in subsea technology rental and solutions both organically and through acquisition to further broaden our range of complementary equipment and services and expand our geographic presence.

"Our IPO will allow us to continue supporting the energy transition and capitalize on the significant expected increase in expenditure in the global offshore wind market, while maintaining Ashtead Technology’s position as a leading independent subsea equipment rental business.

"We are delighted to welcome our new shareholders in Ashtead Technology after receiving an excellent reception during our IPO. This is clear recognition of the progress we have made building the business in recent years and I would like to thank our hardworking people and current shareholders for their support and dedication throughout.

Ashtead has appointed three Non-Executive Directors to its board. Bill Shannon joins as Independent Non-Executive Chair, and Thomas Thomsen and Tony Durrant as Independent Non-Executive Directors.