MEMBER NEWS: Ashtead Technology starts new growth chapter after successful IPO

November 24, 2021
MEMBER NEWS: Ashtead Technology starts new growth chapter after successful IPO

Ashtead Technology has announced that it has secured strong support from new institutional investors and will become a publicly listed company on Tuesday 23 November when its shares begin trading on the London Stock Exchange’s Alternative Investment Market (AIM). Current owners Buckthorn and APICORP will remain significant shareholders in the business.

The IPO marks the latest stage in the growth journey of the Aberdeen-headquartered company, which provides subsea equipment rental solutions, advanced technologies and support services to the global offshore energy sector.

Over the past four years, Ashtead Technology has expanded its operations with five acquisitions which have helped drive strategic growth through geographic expansion and enhanced product and service offerings across its three service lines – survey and robotics, mechanical solutions and asset integrity.

So far this year, Ashtead Technology has invested £8 million in new subsea equipment and technology to expand its extensive equipment rental fleet. It has also increased its workforce by 34 taking employee headcount to 204.

The company is experiencing strong momentum across its end markets, with increasing customer activity helping to drive revenue growth of approximately 25% in the six months to 30 June 2021 compared to the first half of 2020. It has continued to win new contracts for offshore wind developments and recently secured a series of awards to support the construction and installation of the Neart na Gaoithe (NnG) offshore windfarm, in the Firth of Forth. The offshore renewables energy market now accounts for 30% of Ashtead Technology’s revenue.

Three highly experienced Non-Executive Directors have been appointed to the Group’s Board, with Bill Shannon joining as Independent Non-Executive Chair, and Thomas Thomsen and Tony Durrant as Independent Non-Executive Directors.

Allan Pirie, Ashtead Technology’s CEO, said: “This development marks another exciting milestone in the evolution of Ashtead Technology. As a newly listed company, we plan to continue to grow and strengthen our core business in subsea technology rental and solutions both organically and through acquisition to further broaden our range of complementary equipment and services and expand our geographic presence.

“Our IPO will allow us to continue supporting the energy transition and capitalise on the significant expected increase in expenditure in the global offshore wind market, while maintaining Ashtead Technology’s position as a leading independent subsea equipment rental business.

“We are delighted to welcome our new shareholders in Ashtead Technology after receiving an excellent reception during our IPO. This is clear recognition of the progress we have made building the business in recent years and I would like to thank our hardworking people and current shareholders for their support and dedication throughout.

“I’m also very pleased to be welcoming Bill, Thomas and Tony to the Board. They bring high calibre public company and energy sector experience that will be invaluable as we seek to deliver our growth ambitions for our existing and our new shareholders.”

Get in touch

AREG is the original energy transition organisation, working on behalf of members to empower the energy supply chain and champion its expertise. Please get in touch if you have any questions or would like to find out more about membership.

AREG has played an important role in the growth of Scotland’s renewable energy sector, engaging the supply chain and developing the European Offshore Wind Deployment Centre. However, we are only at the very beginning of the transition that AREG was established to both lead and support so there are still opportunities for companies to get into the constantly evolving renewables supply chain. We look forward to continuing our work together as renewables builds on its place as Scotland’s main source of power, and as we seek to deliver real change in the crucial areas of heat and transport.

Scottish Renewables

Aberdeen & Grampian Chamber of Commerce has worked closely with AREG since its formation. The recent progress in the developments of offshore wind projects by Equinor and Vattenfall are as a result of the work of the group over many years. The north-east is known as the oil and gas capital of Europe. At the Chamber, we believe the region must evolve its position to being recognised as the energy capital. Whilst hydrocarbons will continue to be essential in driving our economy for years to come, the generation of renewable resources will play an increasingly important role in providing cost-effective power, innovative development and economic growth.

Aberdeen & Grampian Chamber of Commerce

The enthusiasm and dedication of the early group that would become AREG was fundamental in us choosing to launch All-Energy in Aberdeen. The first tiny show was held in 2001, and AREG’s Chairman at the time, Jeremy Cresswell, played such an active role that I often describe him in terms such as All-Energy’s ‘midwife’. All-Energy is now the UK’s largest renewable and low carbon energy exhibition and conference in terms of number of attendees, space booked, and number of exhibiting companies. As AREG became firmly established, their presence and support for the event grew spectacularly over the years. We thank them most sincerely for their invaluable input.


Vattenfall has forged a strong working relationship with AREG through the development of the European Offshore Wind Deployment Centre. AREG has worked tirelessly on behalf of the North East and it can take enormous credit for the growth of sustainable energy in the region and the path it has cleared for the region to capture further investment.


Aberdeen City and Shire is emerging as a key location for renewables by successfully transferring its world-class oil and gas expertise into the sector and AREG has done much to advance this through a broad range of initiatives. It has acted as a catalyst in driving further investment in the local economy by engaging with companies, Government, public bodies and existing projects and we have been pleased to support their efforts. Scottish Enterprise will continue to engage with AREG as we increase Scotland’s use of renewable energy.

Scottish Enterprise