The transaction comes just 10 months after the company completed a joint venture with Forum Energy Technologies, creating the industry’s leading independent provider of subsea survey and ROV equipment services with a fleet of 19 000 assets worth in excess of £100 million.
The announcement marks Ashtead’s third deal since it was acquired by Buckthorn Partners and APICORP in 2016, and demonstrates its commitment to further expand its service offering both organically and through acquisition.
Founded in 1990, Welaptega is a market leader in mooring system inspection and integrity engineering. Over the past 28 years it has developed a suite of pioneering technologies and services to mitigate failure, prevent damage, and manage the ongoing integrity of offshore operations through a risk-based approach to asset integrity.
By bringing together two world-class portfolios, the deal significantly strengthens the group’s subsea inspection capabilities, creating a wider, more competitive offering, whilst reinforcing Ashtead’s position as a leader in the provision of advanced offshore equipment solutions.
Allan Pirie, CEO of Ashtead Technology, said: “This is a significant step in the development of our IMR strategy, increasing our asset integrity service offering by adding innovative products, technology and capabilities which are aligned with our current business.
“Our customers now have access to a leading innovator in offshore asset inspection, engineering and integrity solutions. Our combined technical capabilities and advanced inspection technologies means we can offer a comprehensive integrity management service to support the performance and life extension of critical infrastructure.”
Welaptega CEO, Tony Hall will continue to lead the business based in Halifax, Nova Scotia.
Mr Hall, commented: “Being part of the Ashtead Technology group will allow us to expand our existing capabilities and international footprint, giving us greater ability to address our customers’ growing asset integrity requirements. It also enables us to continue our successful history of R&D and invest in adjacent underwater inspection (UWI) applications. Our customers will now have access to a wider portfolio of products and services, resulting in a far more comprehensive solutions capability.”
Read the article online at: https://www.oilfieldtechnology.com/offshore-and-subsea/22112018/ashtead-technology-acquires-welaptega/