Ashtead Technology, Forum Energy complete joint venture
Ashtead Technology is pleased to announce that it has completed its joint venture with Forum Energy Technologies, Inc. with effect from 3 January 2018.
As part of the transaction, Forum Energy Technologies contributed its subsea rentals business, which traded as Forum Subsea Rentals, creating the industry's leading, independent provider of subsea survey and ROV equipment rental services.
Allan Pirie, CEO of the combined business, trading as Ashtead Technology, commented: "With a fleet of 19,000 assets valued in excess of $139 million, and the ability to service all major subsea hubs, we become a business of significant scale and enhanced capability that is well placed to support our customers' project requirements.
"We are ready and looking forward to helping address our customers' challenges head-on."