Ashtead Technology and Forum Energy Technologies have formed a joint venture to create the industry’s leading provider of subsea survey and ROV equipment rental and associated services.
The combined group – with a rental fleet of 19,000 assets valued at more than $130 million – will service all major subsea hubs from its bases in Aberdeen, Singapore, Abu Dhabi, London and Houston.
The joint venture is expected to complete during the first quarter of 2018.
The business, which will trade as Ashtead Technology, will provide an independent one-stop shop for customers’ equipment requirements.
Ashtead Technology, acquired in April 2016, is a portfolio company of Buckthorn Partners and the Arab Petroleum Investments Corporation.
Forum will contribute its subsea rentals business, currently trading as Forum Subsea Rentals.
Houston, Texas, based Forum Energy Technologies, owner of Forum Subsea Rentals, will retain a significant stake in the combined business.
Allan Pirie, Chief Executive of Ashtead Technology – who will lead the combined business – said: “By combining our strengths, Ashtead and Forum will be better able to offer a complete equipment and support package to our customers as they respond to the demands of today’s energy sector, where greater capital efficiency, depth of capability and domain expertise is essential to the delivery of successful projects.”
Meanwhile, the Oil and Gas Innovation Centre has signed three new industry projects with emerging technology companies, Resolute Energy Solutions, Oilfield Innovations Limited, and Trevelyan Trading Limited:
Resolute Energy Solutions is addressing current industry challenges with well plug and abandonment (P&A) by developing a new swellable sealing material for a more cost-effective method to better fill formation and annular void spaces;
Oilfield Innovations Limited (OILtd) is developing an innovative way to utilise low cost wireline to provide a more cost effective drilling rig equivalent P&A; and a project with
Trevelyan Trading Limited is developing technology to improve the efficiency of gas transportation by lowering back pressure to the gas wells, enabling an increased range of subsea gas tiebacks to deliver increased recoverable reserves more economically.
OGIC’s total investment in collaborative work with oil and gas companies and academic expertise in Scottish universities now stands at £1.9 million in funding. Additional private sector funding across these 50 projects brings the total projects value to £4.7 million.
11 Dec 2017