Ashtead Technology, a Subsea service firm, is keeping up with its acquisition streak with the recent takeover of a contractor based in the northeast.
Ashtead, whose headquarters is based in Westhill, has taken over Underwater Cutting solutions located in Inverurie and all its 35 employees. This value of this acquisition remains a closely guarded secret.
This is the fifth time Ashtead is making an acquisition since it was taken over three years ago. Arab Petroleum Investment and Buckthorn Partners acquired them Ashtead in 2016. Ashtead proceeded to acquired Forum Subsea Rentals, Canadian underwater inspection firm, Aqua-Tech Solution and Abu Dhabi’s TES.
This new deal will see Ashtead become an employer of 180 persons around the world. UCS was founded in 2004, and today, they provide dredging, mechanical cutting as well as coating removal services and tools. UCS’ manager, Fraser Collis, is expected to continue running the business.
Allan Pirie, Ashtead’s chief executive stated that the acquisition of UCS demonstrates the commitment and confidence of their investors in their overall growth goals. He also said that the acquisition of UCS, a long-standing and highly regarded company, states their motivation to be the leader in maintenance, repair, and inspection. They also hope to become the largest provider of subsea service and equipment to their clientele.