Offshore wind growth prompts subsea cash injection

STR (Subsea Technology & Rentals) is a leading independent subsea rental equipment and specialist services provider to the offshore energy industry with an ever-growing offering in the offshore wind sector. 

The funding will allow STR to develop its equipment and service offerings through organic and acquisition-lead growth. The investment will also enable STR to further expand its geographical reach, with the Americas, mainland Europe and Southeast Asia being a key focus for the company, supporting the rapidly growing offshore wind sector.

Steve Steele will lead STR as Chief Executive Officer alongside Scott Johnstone, Chief Operating Officer. In addition, James Benfield and Andy Dyer from Baird Capital also join the board.

Since 2011, STR has become a leading independent provider of subsea technology and services to the subsea energy market with a strong customer base built on culture, teamwork, commitment and responsiveness, with innovation at the core of its ethos. The business operates globally with facilities in Aberdeen, Great Yarmouth, Houston, Perth and Singapore. STR claims it operates the youngest equipment fleet in the segment and offers its customers integrated, forward-thinking technology and innovative engineering solutions, complete with dedicated project support from planning to completion.

“We are thrilled to partner with STR and assist the team in their global growth ambitions,” said Andy Dyer, Director with Baird Capital’s Global Private Equity team. “We were attracted to STR due to its solutions-based approach to the provision of highly technical survey equipment into the subsea sector, which is set to benefit from significant infrastructure investment, particularly into offshore wind. With a geographic footprint that matches our own, we are ideally structured to support Steve, Scott and their talented team to grow the business and support their customers worldwide.”

Baird Capital was advised by Eversheds Sutherland (Legal), Grant Thornton (Financial and Tax Diligence) and CIL Management Consultants (Commercial Diligence).

Subsea Technology & Rentals (STR) was established in Scotland and is a specialist technology company providing rental and sales services globally to the offshore marine sectors. For over 20 years, STR has delivered mission critical solutions to support offshore survey, ROV, IRM, positioning, environmental and subsea construction sectors.

The terms of the deal were not disclosed.