Subsea Technology & Rentals (STR) has secured STAR Capital Partnership LLP (STAR) as its new majority shareholder, as the global subsea sensor equipment and solutions provider sets out an ambitious growth strategy, targeting offshore energy, infrastructure and marine science markets.

The investment will 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 to clients across growing global offshore energy and infrastructure markets, with a new base in Norway set to open early next year

Steve Steele will continue to lead STR as Chief Executive Officer alongside Chief Financial Officer, Stuart Bannerman. Uniti Bhalla, managing partner and Philipp Moy, principal of STAR will join the STR board.

Steve Steele, CEO, 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. It creates opportunities for STR’s loyal clients, employees and suppliers around the world.

“I’m also very pleased to be welcoming Uniti and Philipp to the board. These high calibre additions will bring a wealth of experience as we seek to deliver our growth ambitions.”

STR operates globally with technology and service facilities in Aberdeen, Great Yarmouth, Houston, Perth and Singapore – with plans to have a presence in Norway early in 2025 and further expansion on the horizon. The company 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, with further growth to be delivered through strategic acquisitions.

Uniti Bhalla, managing partner of STAR, commented: “We are thrilled to partner with STR and assist the company’s global growth ambitions. We were attracted to STR due to its innovation and solutions-based approach, providing highly technical and mission critical sensor equipment into offshore markets, which are set to continue expanding through investment into energy transformation, including subsea power and communications.

“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 to benefit STR’s clients worldwide.”

STR has 22 dedicated design engineers and production technicians based at its £1 million Global Technology and Innovation Centre of Excellence developing new products for launch in 2025. The company has plans to further increase revenue through a focus on sustained research and development, displacing legacy subsea technologies with innovative challenger products.

Baird Capital, an investor of STR since January 2022, has now exited the business following STAR Capital’s investment.

As the Asia Pacific region gears up for significant expansion in offshore energy markets, STR is proud to be at the forefront, providing cutting-edge sensor technology and advanced subsea services within the region.

To help lead our efforts in APAC, we are excited to have Maxime Even as our newly appointed General Manager in Singapore. His extensive background in the subsea industry, combined with valuable strategic insights, makes him an invaluable member of the team as we continue to strengthen our presence in the region.

You’ve had 20 years of experience in the energy sector, how has this impacted your leadership style, and what are some key milestones that have shaped your professional path?

“In the offshore industry, where projects are inherently complex and often demand lateral thinking, success hinges not only on technical expertise but also on effective teamwork and bringing together a wide range of skills and perspectives to deliver successful outcomes. I believe that strategic thinking is best achieved when a team is empowered and motivated, and I strive to create an environment where every team member feels heard.

“Having experience across both technical and commercial roles enables me to lead with a balanced approach that integrates operational excellence with business growth, and over the years, I have built a diverse and dynamic career within the survey industry, with a focus on the renewable energy sector.

“Once I completed a master’s degree in Hydrography at the University of Plymouth, I worked my way up in offshore roles for eight years, from a surveyor to geophysicist, then to reporting manager and eventually to party chief. During this period, I concentrated on projects involving submarine telecommunications cables across the Asia, South Pacific, Middle East, and East Africa regions – some of which involved the longest subsea cables spanning oceans and connecting multiple countries.

“Other key milestones throughout my career include leading the establishment of a deep geotechnical investigation department for an established survey company, with a focus on entering the burgeoning Taiwanese offshore wind market. Most recently, I led a commercial team that successfully delivered pioneering projects utilising lean-crewed, robotic survey vessels on energy projects. These projects included deploying Autonomous Underwater Vehicles (AUVs) in ultra-deepwater, conducting fully remote ROV inspections of pipelines and acquiring ultra-high-resolution 3D seismic data on offshore wind farms.”

What specifically attracted you to join STR, and what motivated you to take on the role of General Manager at its Singapore base?

“I was drawn to STR due to its stellar reputation within the industry. Renowned for its commitment to excellence, STR is recognised as being among the best in the industry, known for its dedication to finding client-oriented, fit-for-purpose solutions. What also stands out is that it not only boasts the youngest pool of rental equipment in the industry, but it also has an in-house design and production department (Products & Technology division) that has consistently released some of the most innovative subsea products over the past 20 years, including a full line of survey electric winches, FMD/CP sensors, subsea camera systems, subsea lights, lasers and more. STR’s capabilities extend well beyond equipment rental; they encompass cutting-edge production that enable the acquisition of vital marine data and intelligence for the offshore energy and marine science markets.

“The opportunity to lead the Singapore base, a critical hub for the Asia Pacific region, aligns perfectly with both my experience and professional aspirations. I am motivated by the prospect of leveraging my regional experience to drive STR’s growth, enhance its service offerings and establish a strong presence in a market that I know intimately. This role offers a unique challenge and the chance to contribute to STR’s continued success in a dynamic and rapidly evolving industry.”

What do you see as the key opportunities in both Singapore and the wider APAC region?

“This region presents significant opportunities for STR, particularly in the offshore renewable energy sector, alongside the more traditional subsea telecommunication and oil and gas industries. In Singapore, we can capitalise on the city-state’s strategic location to expand its services both locally and regionally, making the most of the world-class logistics infrastructure available here. Additionally, many of our major clients are based here which provides us with an excellent opportunity to build new connections, strengthen our current relationships and demonstrate our capabilities through initiatives such as product demonstration days.

“Regionally, Malaysia is just a stone’s throw away from our Singapore base, and we can tap into the thriving oil and gas industry there. Thailand, which is less than two hours from Singapore, is witnessing significant decommissioning activities, offering further potential for growth. Similarly, Indonesia continues to have a steady flow of work, including the development of several deepwater fields. Further afield, markets like India, Bangladesh, the Philippines and Timor present untapped potential that STR has yet to fully explore.

“More importantly, the region’s ongoing transition towards renewable energy presents us with the opportunity to introduce innovative solutions in offshore wind. Traditionally, the Asia Pacific region has been highly cost-driven when it comes to subsea solutions, but the arrival of foreign offshore wind developers is driving the adoption of new technologies and encouraging innovation, and this represents a timely opportunity for us to carve out a significant niche in the market. STR is already well-established in Taiwan – where we collaborate with most survey and EPCI contractors – and as activities increase in South Korea and Japan, these markets offer substantial growth opportunities for the company.”

Looking ahead, what are your long-term goals for STR, how do you envision this will contribute to the company’s overall success?

“My long-term goal for STR is to build upon the strong foundation laid by Regional Director, Jason French, ensuring that we are recognised as the leading subsea sensor technology and solutions provider in the APAC region, renowned for our innovation, reliability, and customer-focused solutions. I intend to expand this legacy by penetrating additional markets across the entire region and beyond, establishing strategic connections that extend into South Asia and the Middle East.

“To achieve this, my aim is to further strengthen our market presence and work with the leadership team to expand our service portfolio and develop cutting-edge technologies anticipating market demands. I believe we can not only achieve sustained growth, but also set new benchmarks within the industry. This strategic approach will ensure that STR remains at the forefront of the industry, continuing to deliver exceptional value to our clients while fostering a culture of excellence and innovation within the company.”

Find out more about STR and our suite of best-in-class services here…

At STR, we recognise that investing in our people is key to not only our success, but also vital for shaping the next generation of engineers. With this in mind, the STR Academy was established to foster career growth and professional development within our team, demonstrating our commitment to nurturing talent.

Providing a clear path for progression, the competency programme that equips our technical team with the industry skills required to advance in their career. Through this programme, we aim to provide our team with the knowledge and support required to reach their full potential.

Here, we’ve highlighted the journeys of four STR employees who have taken part in the STR Academy, showcasing how the programme has been instrumental in their career development…

Finlay Cook, Technical Operations Supervisor, Houston

What inspired you to choose a career in engineering?

“I’ve always been curious by nature and enjoy understanding how the things around me work, which was the reason why I studied mechatronics after school. After completing my studies, I was keen to secure a job that could provide me with a technical knowledge of the energy industry as well as hands-on work offshore, which is why STR immediately stood out.”

How has STR supported your skill development and career progression?

“I first joined in 2018 as a Base & Offshore Engineer in Aberdeen, which was also my introduction to full-time employment within the industry. I strongly believe that the foundation of your career can shape future opportunities, and thanks to STR supporting my career development, I am now the Technical Operations Supervisor at the Houston base.

“The company has grown exponentially since I joined six years ago and has remained committed to nurturing talent and developing the future workforce; the STR Academy being a key asset to our team’s development!”

What opportunities has STR provided for expanding your knowledge of the energy and marine industries?

“It’s provided me with first-hand experience of operations that occur in the marine and energy industry. I’ve had the opportunity to work across a variety of work scopes, including offshore wind farms, offshore construction projects and geophysical survey projects for installing subsea power cables. The company has a diverse customer pool which has also allowed me to gain valuable knowledge of what is happening in the industry and STR’s overall impact in various projects.”

What advice would you give to someone looking to start a career in engineering?

“For those aspiring to be an engineer, I believe that working with a company, such as STR, that supports your growth and development is crucial for kickstarting your career. Having a helping hand during the initial stages of your career is so important, and you can learn a great deal from working with experienced, knowledgeable and hard-working colleagues.”

James Whyte, Group Survey Technician, Aberdeen

What inspired you to choose a career in engineering?

“I’ve always had an interest in electronics and engineering, which developed throughout my time at secondary school. This encouraged me to study an HND in Electrical Engineering in the hope of pursuing a career within the industry.”

How has STR supported your skill development and career progression?

“STR has supported me from the moment I joined the team as a Base and Offshore Engineer in 2021. At the time, I was studying at college, as well as gaining industry experience within the STR workshop and mobilising vessels offshore. Receiving support from the STR team throughout my studies helped me to achieve my qualification and developed my knowledge of offshore engineering and processes.

“I have since been promoted to Group Survey Technician and I’m thoroughly looking forward to continuing my career with STR and seeing what the future holds!”

What opportunities has STR provided for expanding your knowledge of the energy and marine industries?

“It has an excellent mentoring structure in place, which has expanded my knowledge of the energy and marine science markets and enhanced my capabilities as an engineer.

“Extensive training with manufacturers has also been provided, which has helped me gain a better understanding of the subsea equipment that we provide and how we can support our customers with their offshore projects.”

What advice would you give to someone looking to start a career in engineering?

“I would recommend going into further education and attaining a qualification within the engineering discipline you’re most interested in. As well as this, gaining hands-on industry experience is excellent for developing your skill set and learning on the job.”

Jamie Forsyth, Survey Technician, Perth

What inspired you to choose a career in engineering?

“I’ve had an interest in the offshore industry for as long as I can remember, particularly subsea engineering, and I was curious as to how different subsea equipment worked for their specific purpose.”

How has STR supported your skill development and career progression?

“The STR Academy competency programme in particular has been brilliant for my training and development, and the skills I have gained over the last five years will be integral for my next role within the company. As I’ve now completed the required elements for Survey Technician Grade 1, I’m working towards the next step in my career which is becoming a Survey Engineer.”

What opportunities has STR provided for expanding your knowledge of the energy and marine industries?

“STR has provided me with incredible opportunities to grow and excel within the industry, as well as work with a variety of diverse subsea survey equipment.

“Being able to test and maintain this wide range of equipment in our rental pool – as well as mobilising, troubleshooting, and maintaining equipment offshore – has given me great exposure to both sides of the workshop. and various offshore elements within the industry.”

What advice would you give to someone looking to start a career in engineering?

“The best advice I could give is to keep an open mind. Versatility and flexibility are great traits to have for learning and developing in this industry!”

Nicolas Lopez, Survey Technician, Houston

What inspired you to choose a career in engineering?

“I’ve always been fascinated by how certain objects work. As a child, I enjoyed taking gadgets apart to understand how they functioned – even if I couldn’t always put them back together!”

How has STR Academy supported your skill development and career progression?

“The structured support system that STR Academy provides has been instrumental in keeping me on track with my current skills, while also helping me to develop new ones. I’m grateful that it provides a tangible way to monitor my career progression and enhance my industry knowledge and skills.”

What opportunities has STR provided for expanding your knowledge of the energy and marine industries?

“STR offers a wealth of knowledge within the organisation, which has been incredibly valuable. Additionally, I’ve had the opportunity to attend various external training sessions and lectures, which have broadened my understanding of our evolving industry.”

What advice would you give to someone looking to start a career in engineering?

“To jump in headfirst and don’t be afraid to ask questions – someone will always be willing to help when you need it!”

Are you interested in a career at STR? Discover our latest vacancies here.