Subsea Technology & Rentals (STR) is pleased to announce its continued investment in Norteks DVL1000 systems.
This announcement comes after STR’s largest acquisition of Nortek equipment to date, showing a buoyant offshore energy industry and growing confidence in Nortek as the go-to supplier for Doppler Velocity Log (DVL) technology. These systems will support STR’s global operations.
Nortek’s Business Development Manager for Navigation, Rory Findlay says “We are thrilled that STR have decided to continue to invest Nortek’s products into their rental fleet, adding to their already significant pool of Nortek equipment. We look forward to our continued relationship with STR as they continue their reputation as early adopters of the newest subsea technology”.
Nortek’s DVL products are the most compact survey grade DVLs available on the market. Used extensively within the offshore energy, defence and research sectors they have established themselves as the industry standard over the past five years, resulting in significant demand from the rental market.
STR’s Chief Operating Officer, Scott Johnstone says, “With a successful start to 2022 for STR, we continue to go from strength to strength with the welcomed investment by Baird Capital which has vaulted the growth trajectory of STR internationally in terms of our products and resources”.
This investment with Nortek is STR’s largest to date and it reflects the operational demands from our customers in specifying the DVL1000 to support their requirements. We are delighted to continue to evolve our relationship with Nortek and look forward to a bright future ahead.
STR Contact Information:
Photograph: Scott Johnstone and Rory Findlay
Email: ka.henney-cant@str-subsea.com
Tel: 01493 445440
This appointment comes at a pivotal time for STR’s Houston team, who are currently preparing to open its first facilities later this month to facilitate STR’s rate of growth to service our customers operational demands.
This strategic expansion is being driven by the recent investment by Baird Capital and STR’s Board of Directors who are committed to investing in our Houston offering which will allow STR to continue to offer its local customers with the expertise and subsea technology they have grown to expect.
Ka Henney-Cant, Vice President – Americas said, “I am personally delighted to announce the appointment of Rachel and welcome her to the STR family. Since we launched STR in the Americas in January 2021 we have established key relationships with existing and new customers which has set a strong foundation in the region for future opportunities.
In order for STR to support these opportunities it was vital for us to appoint a Sales & Operations Manager in the region to provide our customers with the expertise they have become accustomed to. Rachel is a well-respected individual in the offshore energy industry and comes with a wealth of experience and knowledge”.
Rachel Cluthe, Sales & Operations Manager – Americas said “I’m excited to be joining the team at STR having watched the organisation successfully expand into the Americas over the past year. It’s a fantastic opportunity to join a dynamic team who can offer our customer base innovative solutions. I look forward to working closely with Ka who is highly regarded in our sector and is paving a way for women in the offshore energy industry to provide opportunities and demonstrate our skillsets”.
STR Contact Information:
Photograph: Ka Henney-Cant and Rachel Cluthe
Email:lennon.jones@str-subsea.com
Subsea Technology & Rentals (STR) is delighted to announce its recent investment in Tritech International Ltd’s subsea technology.
The announcement was made at Oceanology International 2022in London, United Kingdom.
The investment will see a number of Tritech’s Bathymetric Systems and Gemini Multibeam Imaging Sonars added to our global fleet to support customer requirements in the Offshore Energy industry.
Tritech’s Sales Manager Mike Broadbent, said “We are delighted STR have further invested in Tritech’s equipment to support the increased demand from the subsea industry. This substantial order demonstrates STR’s commitment to Tritech’s proven technology and we are pleased to continue to enjoy such a positive working relationship.”
Jason French, STR’s Regional Director Asia Pacific,said “As a global leader in the Offshore Energy industry, Tritech International’s subsea technology is rapidly being utilised by our global customers and we expect this demand to continue as we progress into 2023. With the recent investment by Baird Capital, STR will continue to invest with our key suppliers to ensure we can deliver innovative solutions to our customers”.
STR Contact Information:
Photograph: Jason French and Mike Broadbent
Email: ka.henney-cant@str-subsea.com
Tel: 01493 445440
Subsea Technology & Rentals (STR) is delighted to announce its continued investment in Innova A/S’s Matrix MKII+ systems.
This investment will see an additional six Matrix MKII+ systems delivered to support an increased demand in customer requirements in the Offshore Energy Industry.
The Matrix is an established and proven stand-alone fibre optic multiplexer and control solutions. It provides a simple plug and play interface for a large array of sensors and equipment to any remotely operated system offering reliable power management and strong diagnostic capabilities to help simplify and enhance the efficiency of survey operations.
Neil Jackson, STR’s Regional Director EMEA said, “We are pleased to further bolster our fleet of rental multiplexers with this new investment in the Matrix MKII+. Our customers value the capability and flexibility offered by these systems along with their user friendliness and ease of integration with existing ROV systems. As we continue to go from strength to strength with the investment by Baird Capital, we welcome the opportunity to further build upon our existing relationship with Innova A/S by adding these additional systems to our fleet”.
Eivind Brimsø, Sales Director at Innova AS, said: “Eivind Brimsø, Sales Director at Innova AS, said: “We have been working together with STR for many years and are very excited to support their continued investment in the latest survey technologies. We believe that our systems offer inimitable performance and flexibility while maintaining the openness and ease of use that are important to STR and its customers.”
STR Contact Information:
Photograph: Neil Jackson and Siril Nossum
Web: www.str-subsea.com
Email: ka.henney-cant@str-subsea.com
Tel: 01493 445440
Subsea Technology & Rentals (STR) is pleased to announce its continued investment in iXblue subsea navigation systems, strengthening its global rental fleet.
STR’s investment notably includes the acquisition of iXblue’s long baseline (LBL) system; Canopus, making them the first rental company to offer the system for hire. Part of iXblue’s sparse LBL solution, Canopus brings together intelligent transponders, Ramses transceivers, Inertial Navigation Systems(INS), and Delph Subsea Positioning Software. It is also a third-party friendly solution able to be easily integrated within existing operational fields.
The addition of iXblue’s Rovins and Rovins Nano Inertial Navigation Systems,as well as Gaps M5 ultra short baseline (USBL) system, furthers STR’s already significant investment in these technologies. The new systems join their global rental pool available from their five international service hubs.
STR’s Chief Operating Officer, Scott Johnstone says, “As we have entered 2022, we have welcomed the investment by Baird which will vault the growth trajectory of STR internationally in terms of our products and resources. This investment with iXblue is STR’s largest to date in our 20 years of offering our customers iXblue products. As a global leader whose proven technology is recognized worldwide within our industry, their systems are great assets to have and they’ve always met our customer’s requirements. In 2021 we invested in the Gaps M5and these systems have been widely utilized by our customers on geophysical surveys for offshore wind farm site investigations, and other tracking and towed services”.
Based on fibre-optic gyroscope technology, iXblue navigation solutions have become standard in the offshore industry. An asset for offshore wind farms, Gaps M5 is a ready-to-use and calibration-free system that offers accurate location, positioning and unrivaled horizontal tracking of subsea assets. It integrates an Attitude and Heading Reference System (AHRS) for stable heading roll and pitch compensation and a true north reference.
“STR has taken a position of expansion in the past year, and we are thrilled to help bolster their rental fleet to support their international growth,” says iXblue’s Regional Sales Manager, Maverick Piccininni. “It shows their commitment to their customers; by investing in a dynamic fleet of equipment they are able to adapt and respond quickly to their needs.” Added Piccininni.
Another successful cooperation between Subsea Technology & Rentals and the MacArtney Underwater Technology Group leads to the addition of the just-launched NEXUS 8 multiplexer to STR’s rental inventory.
Historically STR have been investing in MacArtney multiplexers for years, with the custom NEXUS MK-C being a customer favourite. The NEXUS 8 is a natural step for a portfolio supplement, meeting needs and demands from – among others – the globally accelerating offshore renewables industry.
Scott Johnstone, Group Managing Director of STR, states: “STR are pleased with the addition of the NEXUS 8 MacArtney Underwater Technology Multiplexer systems to our rental inventory… For our customers, a key deliverable is the ability to gather huge amounts of data, and the NEXUS MK-C and NEXUS 8 will ensure this can be facilitated.”
Phil Middleton, Managing Director, MacArtney UK, complements: “STR have a track record of being the first to invest in new products on many occasions. And we’ve benefited from their input to our technical team, a policy we actively encourage and pursue with all our customers.”
We are happy to see our experience and loyal customer input culminate in the next generation multiplexer and maintain the rewarding cooperation with STR.
LONDON—18 Jan. 2022— Baird Capital’s Global Private Equity team today announced an investment in Subsea Technology & Rentals (“STR”), a leading independent subsea rental equipment and specialist services provider to the offshore energy industry. The terms of the deal were not disclosed.
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 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.
Steve Steele, CEO, said: “I am delighted to announce Baird Capital’s investment in STR. STR has grown from a small independent subsea equipment rental business into one of the most trusted international providers of subsea technology and technical services for customers across the offshore energy industry.
“This deal signals confidence both in our business and the long-term role STR will play in the future energy transition. This new investment will enable us to strengthen our product and service offering, extend our geographic footprint and pursue complementary acquisitions. It’s a great opportunity for STR’s customers, employees and suppliers around the world.
“I am also happy to welcome James and Andy to the Board. It’s a very high calibre Board that will bring a wealth of experience as we seek to deliver our growth ambitions.”
Scott Johnstone, COO, commented: “I am very pleased that Steve Steele and Baird Capital all recognise STR’s strong market position and share our excitement in the growth of offshore wind in America, Asia and Europe. The combined expertise of the new Board and the additional funding this transaction brings will allow us to further support our long-term customers around the globe.”
“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).
About STR
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. As an innovative company STR understands the importance of developing new technology and delivering class leading services to give customers the very best solutions. For more information, visit STR’s website.
About Baird Capital
Baird Capital makes venture capital, growth equity and private equity investments in strategically targeted sectors around the world. Having invested in more than 330 companies over its history, Baird Capital partners with entrepreneurs and, leveraging its executive networks, strives to build exceptional companies. Baird Capital provides operational support to its portfolio companies through teams on the ground in the United States, Europe and Asia, a proactive portfolio operations team and a deep network of relationships, which together strive to deliver enhanced shareholder value. Baird Capital is the direct private investment arm of Robert W. Baird & Co. For more information, please visit BairdCapital.com.
Baird Capital Partners Europe Limited is authorised and regulated by the Financial Conduct Authority.
STR Contact Information:
Photograph: Scott Johnstone and Steve Steele
Web: www.str-subsea.com
Email: ka.henney-cant@str-subsea.com
Tel: 01493 445400
Media Contact:
Maitland/AMO
Alasdair Lennon
Email: alennon@maitland.co.uk
Tel: +44 (0) 207 379 5151
