Ashtead, Forum create subsea joint venture

Business & Finance

Ashtead Technology and Forum Energy Technologies, Inc. have agreed to form a joint venture, creating a provider of subsea survey and ROV equipment rental and associated services.

The business, which will be named Ashtead Technology, will be supported by a team of 120 skilled personnel. The joint venture is anticipated to be completed during the first quarter of 2018.

Ashtead said on Friday that Forum would contribute its subsea rentals business, currently trading as Forum Subsea Rentals while Ashtead would provide engineered measurement solutions and asset management services.

The combined group, with a rental fleet of 19,000 assets valued at more than $139 million will service all major subsea hubs from its bases in Aberdeen, Singapore, Abu Dhabi, London, and Houston.

Allan Pirie, CEO 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.”

Jim Harris, Forum’s CFO and SVP of drilling and subsea, added: “We look forward to working with the Ashtead Technology team to create the leading global subsea rental equipment provider. In addition to strengthening our position in the rental marketplace, the joint venture will allow Forum to focus on our Subsea franchise’s core ROV related and other fabricated products.”

The company added that the Houston-based Forum Energy Technologies, owner of Forum Subsea Rentals, would retain a significant stake in the combined business.