UK-based subsea equipment rental and solutions company Ashtead Technology has acquired Aberdeenshire-based Hiretech.
Hiretech is an equipment rental, service, and maintenance company serving the international offshore renewables, decommissioning, and conventional energy markets. It was established in 2011.
"Through its multi-purpose fleet of marine and subsea equipment rental assets and skilled personnel, [Hiretech] the business boasts an excellent offshore renewables and decommissioning-focused support services offering, which [Ashtead Technology] will seek to leverage to meet growing global customer demand," Ashtead Technology said.
Hiretech is Ashtead Technology’s seventh acquisition in the last five years. Financial details of the transaction were not disclosed.
Allan Pirie, Ashtead Technology’s CEO, said: “We are delighted to announce the completion of this transaction and welcome new colleagues to the Ashtead Technology team.
“Hiretech has an excellent reputation and strong heritage of delivering high-performance equipment and services to the offshore energy sector and has been a key supplier to Ashtead Technology in recent years. This acquisition provides strong synergies through vertical integration of the supply chain, and meaningfully expands our business by adding complementary capabilities to strengthen our mechanical solutions service line and deliver an enhanced offering to our customers.”
Andy Buchan, Hiretech’s CEO, said: “This is an exciting time for the business. As well as creating a tremendous opportunity for our people, becoming part of the Ashtead Technology Group will enable us to expand our existing capabilities and international footprint. Our customers will now have access to a wider portfolio of products and services, resulting in a far more comprehensive solutions capability.”