Ashtead Technology, a provider of subsea technology solutions to the global offshore energy sector, has announced further expansion in Australia with the acquisition of a business in Perth.
Seadraulics is a small ROV tooling business with annual revenues of £1m which will act as a platform to expand Ashtead’s full-service capability in the Australian market.
In a trading update for the first half of the year the Aberdeen-based company said it has seen continued revenue growth despite challenging markets.
Agile project execution and strict cost-control measures have offset the impact of delays to clients’ project activities due to conflict in the Middle East and weaker renewables activities in Taiwan.
The 650-employee group delivered revenues of approximately £100.2m in the first half of 2026, representing growth of c.1% over the prior year period
Adjusted EBITDA margin for the period is expected to be c.37.8% (H1 2025: 38.7%) with resultant EBITA margin of c.25.0% (H1 2025: 27.3%), marginally lower than prior year due to the revenue impact from lower rental activity in the Middle East and Asia, and an overall higher proportion of lower margin, non-rental revenues, linked to project scheduling.
Margins are anticipated to strengthen during the seasonally stronger second half, with full year EBITA margin percentage target remaining in the high twenties.
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