Completion of Acquisition

Further to the announcement of 24 October 2024, Ashtead Technology Holdings plc (AIM: AT.) is pleased to announce that it has completed the acquisition of Seascan Limited and its subsidiaries (otherwise known as Seatronics), along with its sister company, J2 Subsea Limited (together "Seatronics and J2") from Acteon Group Operations (UK) Limited ("Acteon").

Acquisition highlights

• Enhances the Group's capabilities in the rental of survey & robotics equipment, with a platform to drive growth internationally.
• Increases the breadth and depth of the Group's rental fleet and provides a highly skilled employee base with significant domain knowledge.
• Deepens customer relationships and strengthens the Group's value proposition and service offering across both the offshore oil & gas and renewables sectors.
• Mid-to-high single digit earnings enhancing in the first full year of ownership; return on invested capital well ahead of Group weighted average cost of capital in year 1.
• Pro-forma leverage of ~1.8x as at 30 June 2024 and expected to reduce to below 1.5x by the end of 2025.

Allan Pirie, Chief Executive Officer of Ashtead Technology, commented:

"We are delighted to complete the acquisition of Seatronics and J2. The transaction strengthens our international footprint within the subsea survey and robotics market and expands our highly fungible survey and robotics rental fleet by around 30%. We are pleased to welcome our new colleagues to Ashtead Technology, increasing the wealth of our in-house expertise and creating a world-leading subsea survey and robotics team."