ABERDEEN, UK – Buckthorn Partners and the Arab Petroleum Investments Corp. (APICORP) have acquired subsea equipment provider Ashtead Technology.
The investment should allow Ashtead to expand its geographical reach, particularly in the Middle East.
Buckthorn is a London-based investment firm, and APICORP is a financial institution established by the 10-member countries of the Organisation of Arab Petroleum Exporting Countries.
Ashtead, formed in 1985, has offices in the UK, Houston, and Singapore. Allan Pirie will continue as CEO, while Buckthorn’s Nicholas Gee, a former executive vice president at Weatherford International, becomes chairman.
Pirie said: “As the market evolves to cope with the long-term effects of the current oil price, service companies like Ashtead must assist in reducing project cost and risk, helping our customers to focus on their core competences.
“This initial investment coupled with access to further capital will enable us to significantly expand our expertise in subsea inspection, repair and maintenance to fulfill our ambition of becoming an integrated services provider.”
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