Aberdeen subsea specialist doubles headcount to 110 and plots acquisitions

An Aberdeen-based subsea services specialist that has doubled its headcount in the last three years is plotting further expansion and potential acquisitions following fresh investment.

Subsea Technology & Rentals (STR) has set out a growth strategy that targets the offshore energy, infrastructure and marine science markets after securing Star Capital Partnership as its new majority shareholder.

Bosses said the investment would enable STR to further evolve its equipment and service offering through organic and acquisition-led growth. It will also expand the company’s geographical presence, with a new base in Norway set to open early next year.

Following the deal with Star, Steve Steele will continue to lead Aberdeen-headquartered STR as its chief executive.

Following the deal with Star, Steve Steele will continue to lead STR as its chief executive alongside chief financial officer Stuart Bannerman. Uniti Bhalla, Star’s managing partner, and Philipp Moy, principal of Star, will join the STR board.

The Aberdeen firm operates globally with technology and service facilities in its home city, as well as Great Yarmouth, Houston in the US, Perth in Australia and Singapore - with plans to have a presence in Norway early in 2025 and further expansion on the horizon. The business has nearly doubled headcount in the last three years, with 110 people globally, and expects to add a further 20 people in the coming year.

Steele said: “Securing Star as our new majority investor will unlock significant growth potential as we plan to enter new markets and further boost our disruptive technology offering. We have undergone a significant transformation over the last few years from an equipment rental business to be one of the most trusted international providers of subsea sensor technology and services across the offshore energy, infrastructure and marine markets, and we intend to go much further.

“This deal signals confidence in the long-term role we will play in offshore energy transformation. The investment enables us to further enhance our product and service offering, extend our geographic footprint and pursue complementary acquisitions.”

Bhalla added: “We are thrilled to partner with STR and assist the company’s global growth ambitions. The characteristics of the business match our specialist rental and ‘assets as a service’ investment theme, and we are excited to support Steve and his talented team on their vision and growth strategy.”