Ashtead Technology has completed a £63million deal to acquire Seatronics and its sister company J2 Subsea from Acteon Group.
The deal - which was announced to markets at 7am this morning - will see £10million invested in the rental fleets of Seatronics and J2 over the next 12 months.
The deal is Ashtead Technology's ninth acquisition in seven years and bring an additional 100 people into the Westhill-based organisation.
Together, Seatronics and J2 Subsea bring over £50million of turnover to Ashtead. The companies support the installation, inspection, maintenance and repair, and decommissioning of subsea oil and gas and renewable energy infrastructure.
Allan Pirie, chief executive officer of Ashtead Technology, said: "Seatronics and J2 are businesses we have known for a long time. With our most recent acquisitions focusing on expanding our mechanical services capability, this latest acquisition strengthens our international footprint and capability within our traditional survey and robotics business.
"The transaction continues to reinforce our strategy of expanding our internationally mobile and fungible fleet of equipment, and deepening customer relationships across both our oil and gas and renewables markets.
"We look forward to welcoming new colleagues to the Ashtead Technology team and increasing the wealth of in-house expertise as a larger group".
Brice Bouffard, chief executive officer of Acteon, added: "I wish the teams at Seatronics and J2 success with Ashtead Technology and I thank them for their dedication over the years and especially during recent months. Acteon is committed to optimising our portfolio to better serve our customers and stakeholders as we support the dynamic offshore energy market."
FTSE 100
The UK's flagship share index, the FTSE 100, was down 14-points at 8,303 shortly after opening this morning.
Brent crude oil futures were up 0.97%, trading at $75.69 a barrel.
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