Subsea technology and services provider Ashtead Technology has signed an agreement with Acteon Group to acquire Seascan and its subsidiaries known as Seatronic, and its sister company J2 Subsea for $81.5 million.
The latest acquisition will further expand Ashtead Technology’s capabilities in the global survey and robotics rental market.
Seatronics and J2 have operations in Singapore, UAE, UK and US, providing subsea electronics and tooling products and services to the global offshore energy market.
Together they support the installation, inspection, maintenance and repair, and decommissioning of subsea oil and gas and renewable energy infrastructure
“Seatronics and J2 are businesses we have known for a long time. With our most recent acquisitions focusing on expanding our mechanical services capability, this latest acquisition strengthens our international footprint and capability within our survey and robotics market,” said Allan Pirie, Chief Executive Officer of Ashtead Technology.
“Upon closing, this transaction will be the next important step in focusing our service portfolio to achieve Acteon’s long-term strategic goals. Seatronics and J2 have been an integral part of our business for many years and I’m very pleased to see both teams moving together to such a dynamic new home at Ashtead Technology,” added Brice Bouffard, Chief Executive Officer of Acteon.
The transaction remains subject to customary closing conditions including approval of the Competition and Markets Authority.