Expansion for subsea firm
Ashtead builds in Middle East with TES deal
The acquisition will enable Ashtead to increase its customer service offering in the Middle East, a region which has strong growth potential for Ashtead.
Established in 2007 by Susan Murray, TES Survey Equipment Services sells and rents a range of environmental, geophysical, survey and ROV equipment. Ms Murray will continue to lead the business.
Allan Pirie (pictured), chief executive of Ashtead, said: “TES is a quality business with a strong client service ethos which is a great fit for Ashtead.
“Having been our agent in the Middle East for the past five years, we know and respect the team. As a result of this deal, we will be able to roll-out our full service offering to clients in the region.
“The acquisition represents a significant step forward in the execution of our strategy to expand both our services and geographical reach.”
The deal follows investment in the business by Buckthorn Partners and the Arab Petroleum Investments Corporation this year.
Ashtead has offices in Aberdeen, Houston and Singapore.
TES serves a wide client base throughout the Middle East region, maintains a comprehensive subsea equipment rental fleet and holds a number of distributor agreements with leading equipment manufacturers all backed by local technical support capability.
Ms Murray added: “This is an exciting new chapter for our business which will enable our clients to deliver on increasingly challenging work scopes with the confidence of enhanced local support.”