Key Takeaways
- • Ember Infrastructure Management, a New York-based private equity firm with more than $2bn in regulatory assets under management as of 30 September 2026, has agreed a £505m deal to acquire Aberdeenshire-headquartered Ashtead Technology, a subsea technology provider to the global offshore energy sector.
- • The offer is priced at 615 pence per share via a company controlled by funds managed and advised by Ember, and has been recommended to Ashtead's shareholders by its board.
- • Ashtead reported revenue of £203.2m and Adjusted EBITA of £59.1m for the financial year ended 31 December 2025, operating from 13 facilities across key energy hubs.
- • Ashtead's chairman Bill Shannon said the board believes the offer recognises the company's strength and offers shareholders significant value today compared with expected standalone risk-adjusted returns.
- • Ember founder and managing partner Elena Savostianova said the firm will back Ashtead's current strategy with additional long-term private capital and continued investment in its fleet, technology and people.
Summary
A New York-based private equity firm, Ember Infrastructure Management, has agreed a £505m deal for Ashtead Technology, an Aberdeenshire-headquartered provider of subsea technology services to the global offshore energy sector. The offer of 615 pence per share is being made through a company controlled by funds managed and advised by Ember, and the Ashtead board has recommended it to shareholders.
Ashtead Technology operates globally from 13 facilities in key energy hubs, supporting the installation, inspection, maintenance and repair (IMR) and decommissioning of subsea infrastructure. The company serves the established offshore oil and gas market, helping to drive energy security, and provides end-to-end services for the offshore wind sector across project development, construction, installation, IMR and future decommissioning phases. In the financial year ended 31 December 2025, it generated revenue of £203.2m and Adjusted EBITA of £59.1m.
Ember, founded in 2018, invests in businesses serving critical infrastructure end-markets, with a focus on companies that support adaptation and resilience to climate effects, enhance resource efficiency and have growth levers tied to the energy transition. As of 30 September 2026, the firm reported more than $2bn in regulatory assets under management.
Bill Shannon, chairman of Ashtead Technology, described the company as a market leader in subsea technology, led by a proven management team with a strong record of strategic execution. He said the company had shown resilience despite a challenging market and geopolitical backdrop, and that the board's priority throughout the process had been to ensure its quality and prospects were fairly reflected in the terms of Ember's cash offer. The board believes the acquisition offers shareholders a compelling opportunity to realise significant value today relative to the risk-adjusted return expected from the standalone strategy, and intends to recommend that shareholders vote in favour.
Elena Savostianova, founder and managing partner of Ember, praised Ashtead's technical expertise, fleet scale and service culture. She said Ember would support the company in pursuing its current strategy with greater ambition and additional long-term private capital, and would continue investing in the fleet, technology and people as Ashtead extends its capabilities and international reach.
Ashtead Technology operates globally from 13 facilities in key energy hubs, supporting the installation, inspection, maintenance and repair (IMR) and decommissioning of subsea infrastructure. The company serves the established offshore oil and gas market, helping to drive energy security, and provides end-to-end services for the offshore wind sector across project development, construction, installation, IMR and future decommissioning phases. In the financial year ended 31 December 2025, it generated revenue of £203.2m and Adjusted EBITA of £59.1m.
Ember, founded in 2018, invests in businesses serving critical infrastructure end-markets, with a focus on companies that support adaptation and resilience to climate effects, enhance resource efficiency and have growth levers tied to the energy transition. As of 30 September 2026, the firm reported more than $2bn in regulatory assets under management.
Bill Shannon, chairman of Ashtead Technology, described the company as a market leader in subsea technology, led by a proven management team with a strong record of strategic execution. He said the company had shown resilience despite a challenging market and geopolitical backdrop, and that the board's priority throughout the process had been to ensure its quality and prospects were fairly reflected in the terms of Ember's cash offer. The board believes the acquisition offers shareholders a compelling opportunity to realise significant value today relative to the risk-adjusted return expected from the standalone strategy, and intends to recommend that shareholders vote in favour.
Elena Savostianova, founder and managing partner of Ember, praised Ashtead's technical expertise, fleet scale and service culture. She said Ember would support the company in pursuing its current strategy with greater ambition and additional long-term private capital, and would continue investing in the fleet, technology and people as Ashtead extends its capabilities and international reach.
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