Ashtead, Forum subsea joint venture becomes operational
- Business & Finance
Ashtead Technology has completed its joint venture with Forum Energy Technologies, Inc. with effect from January 3, 2018.
Ashtead said on Wednesday that, as part of the transaction, Forum Energy Technologies contributed its subsea rentals business, which traded as Forum Subsea Rentals, creating an independent provider of subsea survey and ROV equipment rental services.
On the other hand, Ashtead contributed its engineered measurement solutions and asset management services.
The merger was announced in early December 2017. The JV business will be trading under the name Ashtead Technology and it will be supported by a team of 120 personnel.
Allan Pirie, CEO of the combined business, said: “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.”
Ashtead said in December that the Houston-based Forum Energy Technologies would retain a significant stake in the combined business.