Australian-headquartered SRJ Technologies has signed an agreement for the acquisition of UK-based Air Control Entech (ACE), in a move aimed at bolstering its fleet with advanced drones and robots designed to conduct remote inspections of offshore energy assets.
The business combination brings together two key offerings in the asset integrity market in inspection and repair and maintenance.
ACE is a UK business that provides remote inspection services to the Oil & Gas industry with advanced robotics and custom UAV technology.
The deal, supported by a coinciding $13.5 million capital raise, will see SRJ deliver its asset integrity offerings to an expanding global client base.
The agreement will also result in the expertise of both companies combining to lead research and development of new state-of-the-art technology for the broader energy sector.
The acquisition is subject to customary conditions including SRJ obtaining the required shareholder approvals for the capital raising and issue of the scrip consideration and approval of the acquisition under the National Security and Investments Act 2021 (UK).