The Arab Petroleum Investments Corporation (APICORP) said Tuesday that it has acquired a controlling interest in Ashtead Technology, a global provider of underwater equipment and services to the offshore oil and gas industry.
APICORP, the development bank founded by the 10 member states of the Organization of Arab Petroleum Exporting Countries and headquartered in Dammam, made the transaction in collaboration with Buckthorn Partners, a U.K. private equity business.
APICORP said the acquisition aligns with its diversification objectives and the purchase enables APICORP and Ashtead to branch out geographically.
"We are pleased to have completed the acquisition of a stake in Ashtead,” APICORP Deputy CEO and General Manager
Raed Al Rayes said. “It perfectly matches our stringent acquisition criteria, and is in line with our strategy of rebalancing our portfolio. … This investment is also aligned with our aspiration to bring cutting edge technologies to the Arab region in support of the industry's future development."
Ashtead’s unique underwater gear helps oil producers reduce offshore recovery expenditures.
"Ashtead's market position, advanced technology, experienced management team and track record of achieving cost savings for their clients in the oil industry leave it well placed to take advantage of the prevailing economic conditions,” Al Rayes said. “We are looking forward to working with Ashtead's executive team and applying our own industry knowledge to achieving further growth."