Ashtead Technology and Forum Energy Technologies have completed their joint venture, with effect from January 03, 2018.
As part of the transaction, Forum Energy Technologies contributed its subsea rentals business, which traded as Forum Subsea Rentals.
The business, which will trade as Ashtead Technology, will service all major subsea hubs from its bases in Aberdeen, Singapore, Abu Dhabi, London and Houston.
Allan Pirie, CEO of the combined business, trading as Ashtead Technology, 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.
“We are ready and looking forward to helping address our customers’ challenges head-on.”