Ashtead and Forum Join Forces

Ashtead Technology and Forum Energy Technologies have agreed to form a joint venture to create subsea survey and ROV equipment rental and associated services.

Forum will contribute its subsea rentals business, currently trading as Forum Subsea Rentals.

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

The business, which will trade as Ashtead Technology, is said it will provide an independent one-stop shop for equipment requirements. In addition to equipment rental supported by a team of 120 skilled personnel, Ashtead Technology will provide engineered measurement solutions and asset management services.

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.

“We will help our customers address their challenges head on, taking complex problems and matching them with equipment, technology solutions and industry expertise. This is not just about more of the same; it is about doing things differently in response to customer needs.”

Jim Harris, Forum’s chief financial officer and SVP – Drilling and Subsea, said: “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. We are proud of our Subsea team’s resilience through the downturn and expect to outperform our competitors as the global offshore market recovers. I would like to thank all of our Forum Subsea Rentals employees for their hard work and dedication during the prolonged offshore market downturn.”

Houston based Forum Energy Technologies, owner of Forum Subsea Rentals, will retain a significant stake in the combined business.

The joint venture is anticipated to complete during the first quarter of 2018.

Share this article

Follow Subsea World News

Events>

<< Nov 2019 >>
MTWTFSS
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 1

OTC ASIA 2020

The Offshore Technology Conference Asia (OTC Asia) is where energy professionals meet to exchange…

read more >

6th Offshore Well Intervention Conference Gulf of Mexico

The Offshore Well Intervention Gulf of Mexico conference (OWI GOM) is returning to Houston, Texas for its sixth year on Wednesday 20 – Thursday 21 November.

Featuring Anadarko, BP, Shell, Chevron, BHGE and Oceaneering, the conference aims to help operators transition to the latest compliance updates, WI systems and business models that enhance safety, quicken well access and improve commerciality.

Across two days, more than 200 delegates, 15 exhibitors and 30 speakers will network together and create solutions to some of the most pertinent industry challenges right now, through a conference programme focused on:

  1. Clarifying compliance updates
  2. Quicker well access and safer well control
  3. ​Understanding HPHT well intervention (systems)
  4. Forecasting well intervention activity, discussing new commercial models and comparing platform options
  5. Best practice riserless well intervention
  6. ​The latest well intervention equipment

For registration, speaking or sponsorship enquiries contact Abigail Clifton on aclifton@offsnet.com; +44 (0) 203 793 8800.

More info

read more >

Underwater Intervention (UI) 2020

Underwater Intervention Conference is a conference where oil and gas industry professionals, senior decision…

read more >

Subsea Expo 2020

Subsea Expo is the world’s largest subsea exhibition and conference and is completely free to attend.

read more >