Ashtead Technology rents and sells specialist underwater equipment, and the engineers to run it, to offshore oil, gas and wind projects. Acquisitions took revenue from £73m in 2022 to £203m in 2025, but organic growth slowed to 3% and a Middle East conflict and project delays led to a profit warning in August 2026. On 23 September 2026 the company said it had received an unsolicited indicative proposal from Ember Infrastructure at 615p a share.
Subsea kit and crews for offshore energy
Ashtead Technology is UK-headquartered and serves the global offshore energy sector. It owns a large fleet of subsea equipment that customers rent, plus services that help them inspect, install, maintain, repair and decommission offshore infrastructure.
It works through three service lines: Survey and Robotics, Mechanical Solutions (lifting, pulling and deployment gear) and Asset Integrity. Fifteen support bases in the US, Canada, UK, Norway, UAE and Singapore serve about 650 staff's customers, who are mostly large offshore contractors and energy companies. In 2025, 33% of revenue came from outside Europe.
Oil and gas is the larger market: £73.7m of revenue in the first half of 2025, against £25.4m from renewables, chiefly offshore wind. 17 Mar 2026 26 Aug 2025 1 Sep 2026
Buying growth: WeSubsea, Hiretech and ACE Winches
In 2022 the company bought WeSubsea and Hiretech. On 30 November 2023 it paid £53.5m cash for ACE Winches, adding winch and lifting equipment. Revenue rose 51% to £110.5m in 2023, with organic growth of 35%, and adjusted EBITA (profit before interest, tax and amortisation) nearly doubled to £36.2m.
In April 2024 management set medium-term targets: low double-digit organic revenue growth, EBITA margins in the high 20s per cent, and 50% of revenue from offshore renewables. The shares rose from 480p in October 2023 to 869p in July 2024. 30 Nov 2023 16 Apr 2024 2 Sep 2024
The £63m Seatronics deal and a heavier balance sheet
On 24 October 2024 the company agreed to buy Seatronics and J2 Subsea, electronics and ROV (underwater robot) rental businesses, from Acteon Group for £63m. It completed on 26 November 2024, its largest deal. Revenue for 2024 reached £168m. Pro-forma leverage (net debt against EBITDA) rose to 1.6x.
Management said the deal would take leverage below 1.5x by end-2025. In March 2025 it tightened that to below 1.3x. In August 2025 it restated the goal as 1.4x. The year ended at 1.3x. Management said integration savings came faster than planned.
The shares fell from 868p in July 2024 to 568p by September 2024 and 559p at the end of 2024. 24 Oct 2024 26 Nov 2024 25 Mar 2025 26 Aug 2025 17 Mar 2026
2025: a slow ramp-up and the move to the Main Market
After a solid first quarter, activity ramped up slowly in 2025. Management blamed US tariffs and offshore wind policy, military activity in the Middle East and the weaker dollar. It also chose to cut low-margin cross-hire and third-party equipment sales. A July trading update showed first-half revenue down 6% on a pro-forma basis and guidance modestly lower. The shares fell to 336p.
Organic growth for 2025 was 3%, against the low double-digit target set in April 2024. Margin was 29.1%. On 6 October 2025 the company moved from AIM to the London Stock Exchange Main Market, citing wider investor access and liquidity. 17 Jul 2025 26 Aug 2025 6 Oct 2025 17 Mar 2026
2026: Middle East conflict and a profit warning
Conflict in the Middle East cut activity there from late in the first quarter of 2026. Renewables projects in Taiwan were delayed or cancelled. On 20 August 2026 the company said full-year revenue would be about 5% below analyst consensus and adjusted EBITA about 15% below, with a few projects pushed into 2027. The shares ended August at 345.5p. 20 Aug 2026 1 Sep 2026
Scale arrived faster than organic growth
Acquisitions delivered what management said they would on integration and cost savings. Organic growth did not match the targets: 3% in 2025 against the low double-digit aim, and the first half of 2026 grew 1.1%. The company has not said it dropped that target, and it has not restated the 50% renewables goal. Renewables were about a quarter of first-half 2025 revenue, and fell 1.6% in the first half of 2026.
Leverage goals have slipped more than once. In January 2026 net debt was expected to fall below 1.0x by the end of 2026. By August 2026 the expectation was about 1.3x. Management says the postponed projects reflect scheduling, not weaker demand. 19 Jan 2026 21 May 2026 20 Aug 2026 1 Sep 2026 26 Aug 2025
“The project delays witnessed outwith the Middle East are the result of specific project scheduling changes and not an indication of a fundamental shift in market dynamics.” 1 Sep 2026
A stable team, and directors buying shares
Allan Pirie has been chief executive and Ingrid Stewart chief financial officer throughout. In 2025 management added a Head of Mechanical Solutions, Chief Information Officer, QHSE (health, safety and environment) Director and HR Director. In 2024 Brett Lestrange became Chief Operating Officer.
Directors bought shares after the falls. Chairman Bill Shannon bought 30,000 at £3.85 in August 2025. Tony Durrant bought 30,000 at about £3.06 in January 2026. Jean Cahuzac bought 9,500 at about £4.23 in June 2026. Awards in June 2026 vest no earlier than the 2028 annual report and depend on EPS (earnings per share), ROIC (return on invested capital) and total shareholder return.
Among shareholders, Moneta Asset Management raised its stake from 2.8% to 7.1% between June and September 2026, while Fmr cut its holding from about 10% to 5.4% over the period to October 2026. 27 Aug 2025 5 Jan 2026 4 Jun 2026 2 Jun 2026 17 Mar 2026 2 Sep 2024
Flat sales, thinner margin, and a bid approach
In the first half of 2026 revenue was £100.2m, up 1.1%. Adjusted EBITA fell to £25.1m and the margin to 25.0% from 27.3%, as less revenue came from rentals and depreciation rose after heavy capital spending. Net debt was £116.7m, with leverage at 1.4x. On 19 June 2026 it bought Seadraulics in Australia, adding ROV tooling and a Perth base.
The board said full-year expectations were unchanged from the August warning. Management had earlier set a full-year margin target in the high twenties. On 23 September 2026 the company said it had received an unsolicited proposal from Ember Infrastructure at 615p per share. It is in an offer period, with a deadline of 21 October 2026 for Ember to announce a firm offer or walk away. The shares ended September at 531p. 1 Sep 2026 15 Jul 2026 20 Aug 2026 23 Sep 2026
“The Board's expectations for the full year are unchanged from our trading update on 20 August 2026.” 1 Sep 2026
Backlogs are high; timing is the question
Management expects leverage of about 1.3x at the end of 2026, and capital spending of about £35m. The dividend policy is a small, progressive annual payment, with no interim dividend. The 2025 final was 1.3p.
The company cites a Rystad forecast that its addressable market grows 6% a year to $3.4bn by 2029, first stated in March 2026. Earlier forecasts were 9% a year to 2028 in March 2025 and 8% in August 2025. Rystad cut renewables growth from 12% to 10% a year and raised oil and gas from 3% to 4%.
Backlogs at the three largest customer contractors fell 7% but remain near record highs. Full-year results are due late in 2026, and the Ember situation is due to resolve by 21 October 2026. 1 Sep 2026 17 Mar 2026 25 Mar 2025 26 Aug 2025 20 Aug 2026 23 Sep 2026
Written by AI from Ashtead Technology Holdings's own announcements since Oct 2023 · every paragraph links to its sources