Completion of WeSubsea Acquisition

28 September 2022

Ashtead Technology Holdings plc

("Ashtead Technology" or the "Group")

Completion of WeSubsea Acquisition

Ashtead Technology completes acquisition of specialist subsea dredging technology business

Further to the announcement of 5 September 2022, Ashtead Technology, the international subsea rental equipment and solutions specialist, is pleased to announce the completion of its acquisition of the entire share capital of WeSubsea AS ("WeSubsea").

Allan Pirie, CEO of Ashtead Technology, commented: 'I am delighted that we have now completed what is the Group's sixth acquisition in the past five years. We have acquired an outstanding business and reinforced our commitment to broadening our capability and service offering through M&A to support customers' operations globally.'

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Notes to editors:

Ashtead Technology is a leading subsea equipment rental and solutions provider for the global offshore energy sector.  Ashtead Technology's specialist equipment, advanced-technologies and support services enable its customers to understand the subsea environment and manage offshore energy production infrastructure.

The Company's service offering is applicable across the lifecycle of offshore wind farms and offshore oil and gas infrastructure.

In the fast-growing offshore wind sector, Ashtead Technology's specialist equipment and services are essential through the project development, construction and installation phase. Once wind farms are operational, Ashtead Technology supports customers with inspection, maintenance and repair ("IMR") equipment and services.  In the more mature oil and gas sector, Ashtead Technology's focus is on IMR and decommissioning.

Headquartered in the UK, the Company operates globally, servicing customers from its nine facilities located in key offshore energy hubs.