Rental Fleet Expanded With £2.8m Investment

Global subsea equipment specialist, Ashtead Technology, has invested £2.8m in new technology over the past month in response to anticipated market demand.

The company, which now has the largest rental fleet in the world has stocked up with core survey, imaging, mapping and positioning systems from a range of industry suppliers including Teledyne, Sonardyne, R2Sonic, EdgeTech and Geometrics, in order to fully support customer projects.

The announcement follows the recent completion of Ashtead’s joint venture with Forum Energy Technologies, creating the industry’s leading independent provider of subsea survey and ROV equipment rental services. The combined business, trading as Ashtead Technology, now boasts a fleet of 19,000 assets worth in excess of £100 million supported by 120 staff from its facilities in Aberdeen, Abu Dhabi, London, Houston and Singapore.

Ashtead will be exhibiting at Oceanology International in London this week, where it will be actively looking to engage with leading equipment suppliers to bring new technology to market as it aims to expand its position as a leading provider of subsea equipment and life of field services by further growing its equipment portfolio.

Allan Pirie, CEO of Ashtead Technology, commented: “Prevailing market conditions are driving a greater willingness to explore new ways of doing things, however the cost of purchasing new technology can be beyond the reach for many firms. Equipment rental is the perfect model to trial and get comfortable with new technology. We are committed to investing in the latest technology to solve specific industry challenges and ensure underwater projects are delivered as cost efficiently as possible.”

A globally recognised market leader in the rental of specialist subsea technology, Ashtead offers a range of value-added services that includes engineered measurement solutions, asset management, personnel support and training.