The acquisition will increase Ashtead Technology’s rental portfolio by 30%. Credit: IgorGolovniov/Shutterstock.

Ashtead Technology, a subsea technology and services provider, has signed an agreement with Acteon Group to acquire Seascan and its subsidiaries, known as Seatronics, along with its sister company J2 Subsea for £63m ($81.6m).

These companies specialise in subsea electronics, remotely operated vehicle (ROV) tooling rental and related services. Acteon Group is the current owner of Seascan and J2 Subsea.

The deal is subject to the customary closing conditions, including approval from the Competition and Markets Authority.

The purchase of Seatronics and J2 Subsea will be Ashtead Technology’s ninth acquisition in seven years, signalling a strategic expansion of its capabilities.

This acquisition will expand Ashtead Technology’s survey and robotics rental fleet and services, adding more than 7,000 proprietary assets and increasing its rental portfolio by 30%. It will also bring in a workforce of 110 employees.

Ashtead Technology CEO Allan Pirie said: “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 & Robotics market.

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“We look forward to welcoming new colleagues to Ashtead Technology and increasing the wealth of in-house expertise as a larger Group, creating a world-leading subsea survey and robotics team.”

Acteon CEO Brice Bouffard added: “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 am very pleased to see both teams moving together to such a dynamic new home at Ashtead Technology. Acteon is committed to optimising our portfolio to better serve our customers and stakeholders as we support the evolving offshore energy market.”