Ashtead Technology starts new growth chapter after successful IPO
18 November 2021
Ashtead Technology has announced that it has secured strong support from new institutional investors and will become a publicly listed company on Tuesday 23 November when its shares begin trading on the London Stock Exchange’s Alternative Investment Market (AIM). Current owners Buckthorn and APICORP will remain significant shareholders in the business.
The IPO marks the latest stage in the growth journey of the Aberdeen-headquartered company, which provides subsea equipment rental solutions, advanced 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.
So far this year, Ashtead Technology has invested £8 million in new subsea equipment and technology to expand its extensive equipment rental fleet. It has also increased its workforce by 34 taking employee headcount to 204.
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 windfarm, in the Firth of Forth. The offshore renewables energy market now accounts for 30% of Ashtead Technology’s revenue.
Three highly experienced Non-Executive Directors have been appointed to the Group’s Board, with Bill Shannon joining as Independent Non-Executive Chair, and Thomas Thomsen and Tony Durrant as Independent Non-Executive Directors.
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 capitalise 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.
“I’m also very pleased to be welcoming Bill, Thomas and Tony to the Board. They bring high calibre public company and energy sector experience that will be invaluable as we seek to deliver our growth ambitions for our existing and our new shareholders.”
Please contact MHP Engine, AshteadTechnology@mhpc.com (020 3128 8540)
About Ashtead Technology:
Established in 1985, Ashtead Technology has grown organically and through strategic acquisitions to become a leading provider of equipment rental solutions, advanced underwater technologies and support services to the global offshore energy sector.
Through our three service lines – Survey & Robotics, Mechanical Solutions and Asset Integrity – we support the installation, IMR (inspection, maintenance & repair), and decommissioning of offshore energy infrastructure.
Ashtead Technology employs over 200 people and services its customers from nine facilities located in key offshore energy hubs including Aberdeen, Abu Dhabi, Broussard, Halifax, Houma, Houston, Inverurie, London and Singapore.
About Buckthorn Partners LLP:
Buckthorn Partners LLP is an investor in energy services businesses which are exposed to growth opportunities driven by the energy transition and decarbonisation. Buckthorn works with dynamic, thoughtful management helping them build substantial, sustainable businesses which will make a meaningful contribution to the energy transition.