Established in 1985, Ashtead Technology supports the installation, inspection, maintenance & repair, and decommissioning of offshore energy infrastructure through its three service lines: survey & robotics, mechanical solutions, and asset integrity. The company, which has grown organically and through strategic acquisitions, boasts one of the largest independent rental fleets in the industry with over 23,000 assets. 

Successfully completing its IPO on the AIM market of the London Stock Exchange in 2021, Ashtead Technology services its customers from fourteen facilities located in key offshore energy hubs based in Europe, the Americas, Middle East, and Asia Pacific. 

It’s also built a strong track record working with blue-chip companies as they focus on energy transition, both in offshore wind and in the decommissioning of oil and gas infrastructure.

Seeking to upsize its existing Revolving Credit Facility (RCF) from £100 million to £170 million, Ashtead invited us to participate as a new lender. 

Entering the five-bank syndicate, our Royal Bank of Scotland (RBS) deal team had to work to extremely strict timelines to help complete the refinancing and upsizing which also included a new £40 million uncommitted accordion. We agreed to a final hold of £34 million in the RCF and a pro-rata share of the uncommitted accordion. 

Apart from funding significant capex as the company continues to grow, the upsized RCF enabled Ashtead Technology to acquire Seascan Limited and its subsidiaries (otherwise known as Seatronics), as well as sister company J2 Subsea Limited, all of which are international subsea electronics and remotely operated vehicle (ROV) tooling rental and services businesses.  

Ingrid Stewart, CFO, Ashtead Technology plc, stated: “This new credit facility further strengthens our financial position and provides flexibility when acquisition opportunities arise. We would like to thank RBS for joining as a new lender and completing the transaction in line with tight timescales. The financing not only helps facilitate our own continued growth and success but also that of our customers worldwide.” 

Rosalind Michael, Director, RBS, said: “We’re delighted to have been able to support Ashtead Technology with the upsizing of their RCF. This transaction is another example of our One Bank approach where multiple specialist teams within our bank work closely together to deliver the best outcomes for our customers. We look forward to continuing to work with Ashtead and seeing them go from strength to strength.”