Ashtead Strengthens IMR Portfolio with Welaptega Acquisition
- Business & Finance
Subsea equipment solutions specialist Ashtead Technology has bolstered its inspection, maintenance and repair services and capabilities with the acquisition of Canadian-based underwater inspection company, Welaptega.
The transaction comes just 10 months after the company completed a joint venture with Forum Energy Technologies.
Today’s announcement marks Ashtead’s third deal since it was acquired by Buckthorn Partners and APICORP in 2016.
Welaptega specializes in mooring system inspection and integrity engineering. By bringing together two portfolios, Ashtead believes the deal strengthens its subsea inspection capabilities, creating a wider, more competitive offering, whilst reinforcing its position in the provision of advanced offshore equipment solutions.
Allan Pirie, CEO of Ashtead Technology, said: “This is a significant step in the development of our IMR strategy, increasing our asset integrity service offering by adding innovative products, technology and capabilities which are aligned with our current business.
“Our customers now have access to a leading innovator in offshore asset inspection, engineering and integrity solutions. Our combined technical capabilities and advanced inspection technologies means we can offer a comprehensive integrity management service to support the performance and life extension of critical infrastructure.”
Welaptega CEO, Tony Hall, who will continue to lead the business based in Halifax, Nova Scotia, said: “Being part of the Ashtead Technology group will allow us to expand our existing capabilities and international footprint, giving us greater ability to address our customers’ growing asset integrity requirements. It also enables us to continue our successful history of R&D and invest in adjacent underwater inspection (UWI) applications. Our customers will now have access to a wider portfolio of products and services, resulting in a far more comprehensive solutions capability.”
Financial details surrounding the deal have not been disclosed.