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
Subsea Technology & Rentals (STR) is delighted to announce the launch of the ‘STR SeaTow-6000’ Electric Winch.
The announcement of STR’s latest product was made at Ocean Business 2021 in Southampton, United Kingdom.
The STR SeaTow-6000 is the latest addition to STR’s class leading field proven electric winch systems that are used extensively for hydrographic, geophysical, and oceanographic survey globally.
This winch is designed for deep water applications typically utilising 6000m of 11.4mm armoured coaxial cable. Alternative armoured fibreoptic cables can also be supported. Typical applications for the STR SeaTow-6000 are sidescan sonar, combined sidescan sonar and sub-bottom profiler systems, marine magnetometers, gradiometers, drop camera systems and oceanographic sensors.
Scott Johnstone, STR’s Group Managing Director said “As the industry’s elite gather at Ocean Business 2021 to celebrate the Offshore Energy Industry with a key focus on marine survey, we couldn’t think of a more appropriate platform to launch the STR SeaTow-6000 Electric Winch.
Our innovative and diverse team of highly skilled engineers have developed this winch from the key feedback they have received from our customers and their operational requirements. As we progress into 2022, we will look to further compliment our Electric Winch range with the launch of the STR SeaTow-500 and STR SeaTow-2000″.
Subsea Technology & Rentals (STR) is delighted to announce its ‘world first’ delivery of two EdgeTech 2050-DSS systems.
The systems have arrived at STR’s Perth Facility, where they are currently being prepared for operations in Asia Pacific. Jason French, STR’s Asia Pacific Regional Director, said “Our continuous investment, and strong partnership with EdgeTech has led to us being the first to offer this new technology to the subsea rental market. We continue to offer the very latest technology from our suppliers, and it is pleasing to see this equipment mobilise on its maiden project and committed to projects through to 2022 with our valued customers. I’m excited to see them performing in the field”.
Over the past twelve months, STR has invested in the continuous delivery of EdgeTech’s sonar imaging systems and underwater technology to support its global customers. With EdgeTech’s recent introduction of the new combined tri-frequency side scan sonar and high resolution sub-bottom profiling sonar systems, the 2050-DSS will provide customers with the ability to operate the systems on different frequencies simultaneously.
Doug McGowen, EdgeTech’s Director, Sales & Marketing, said “The versatility of the new 2050-DSS makes it a great asset in the subsea rental market. It is exciting to see the enthusiasm for this product by both the end-users and the companies that provide the tools and services enabling successful surveys throughout the world”.
The system can be provided with either a 120, 410 & 850 kHz towfish, or a 230, 540 & 850 kHz towfish. Both towfish options are equipped with a 2-16 kHz sub-bottom profiler, that utilises a PVDF panel receive hydrophone. Use of an area based receive hydrophone panel provides improved beam patterns and therefore improved signal to noise ratios, which in turn means cleaner data for the operators.
The 2050-DSS comes complete with a combined towfish, digital telemetry that runs over a single coaxial cable, a 19-inch rack mount topside interface, and EdgeTech’s DISCOVER acquisition software. The 2050-DSS can be integrated with several auxiliary sensors such as magnetometer and USBL responder. Additionally, an interface is fitted to the electronics so that the electronics and sensors can be mounted onto an ROV. The 2050-DSS is ideal for applications such as cable and pipeline surveys, marine construction surveys, pre and post dredging surveys and more.
Subsea Technology & Rentals (STR) is delighted to announce the launch of its Americas Entity ‘Subsea Technology & Rentals Inc.’ based in Houston, Texas.
This strategic expansion is being driven by STR’s Board of Directors, following the recent success of our International expansions in Australia and Singapore. Scott Johnstone, Group Managing Director said, “We are delighted to announce the launch of STR in the Americas which will enable STR to deliver its full suite of technology and support services locally. This expansion allows STR to service existing customers in the region with the expertise, and range of services they have grown to expect, but also allows us to develop relations with new customers. This firmly positions STR as a global leader in the provision of subsea technology”.
To lead the expansion, STR have appointed Ka Henney-Cant as Vice President for the region. Scott Johnstone, Group Managing Director, said, “Ka has been a key member of the STR management team since 2017 and has orchestrated our International Expansions into Australia and Singapore. The experience and knowledge Ka has gained commercially, legally, and technically in developing and exporting our UK business into new regions will set strong foundations for STR’s success in the Americas”.
To support operations in the region, STR welcomes Mike Knight as VP of Operations, and Alex Iglesias as Technical Operations Supervisor. Both Mike and Alex have been instrumental in establishing the business in its early stages on the ground in Houston, while the overseas management team have unfortunately been unable to travel. Their hard work and dedication to STR’s existing customers and ongoing projects have helped to set the groundwork for what will become a significant operating region for STR.
Ka Henney-Cant said “Today is a great day for everyone at STR, as we share the news of our expansion. While 2020 has been challenging, I am very proud of everyone at STR who have supported our growth into a new region, a move which epitomises our key values to bring commitment and responsive solutions to our customers”.
Following what has been an unprecedented year for many, Subsea Technology & Rentals (STR) have taken the opportunity to give back to one of its local community colleges and donated a Digital Whiteboard.
Catch22 College located in the Keystone Innovation Centre, Thetford are a non-profit social business, who specialise in offering learning and training opportunities for students who, for whatever reason, did not stay in a traditional academic environment. Catch22 ensure young people are supported to gain the skills required to progress into apprenticeship training, employment or further education.
Neil Jackson, STR’s Group Commercial and Regional Director Europe, said “For many, this year has seen challenges in our country like no other and STR has chosen to refocus our efforts on annual client Christmas gifts to supporting our local charities and colleges.
Having known the team at Catch22 for a number of years, the work they do every day to inspire the next generation of young people is outstanding and we look forward to hearing how this fantastic digital white-board will enhance classroom sessions”.
Richard Smith, Norfolk Regional Manager, Catch22 said “We are very grateful to STR for providing this classroom resource for the young people of Thetford. Many of learners arrive at Catch22 with negative experiences in school, so attending a college with the latest technology allows us to deliver more engaging lessons and gives our staff the tools to help make significant change in our young people’s lives.”
Following the continued growth of Subsea Technology & Rentals (STR) operations, STR is pleased to announce the appointment of Scott McLay as Sales Manager for the Europe, Middle East & Africa region.
This appointment comes at a pivotal time for STR’s Aberdeen team, who are preparing to relocate to larger facilities in the early new year to facilitate STR’s rate of growth to service our customers operational demands. This strategic expansion is being driven by STR’s Board of Directors who are committed to investing in our Aberdeen offering which will allow STR to continue to offer its local customers with the expertise and subsea technology they have grown to expect.
Scott Johnstone, STR’s Group Managing Director, said, “We are thrilled to announce the appointment of Scott and welcome him to the Team. We have known Scott throughout his career, and we have admired his professionalism and work ethic. When the opportunity to employ Scott arose, this is something we could not let pass us by. Scott’s vast knowledge and first-hand experience will be a great attribute to STR, and this will further complement the organisation as we evolve”.
Scott, who is based in Aberdeen, began his Offshore Energy career over thirty years ago and has invaluable offshore operational experience having started his career as an ROV Pilot Technician before progressing into the survey equipment rental business. Throughout Scott’s career he has gained experience in global technical and commercial positions with a range of leading suppliers to the Subsea Energy Industry.
Scott McLay, Sales Manager EMEA said “I am looking forward to embarking on this next challenge in my career and join the STR team at an exciting time as they take the next step in their expansion. Throughout my career I have been a user or supplier of subsea rental equipment from offshore engineer level through to senior management and I have a good understanding of what is important to our customers and delivering innovative solutions.”.
iXblue new Gaps M5, has been selected by global rental company Subsea Technology & Rentals (STR) to offer a practical, easy to export and cost-effective USBL solution to their global base of customers.
Broadening STR’s existing pool of subsea equipment, Gaps M5 addresses the accuracy and performance needs and requirements for vertical and horizontal tracking applications.
Latest addition in iXblue’s USBL product range, Gaps M5 is a compact, export-free and omnidirectional USBL system that offers accurate location, positioning and 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. Smaller, lighter and easy to install, Gaps M5 is a ready-to-use and calibration-free system that offers an accuracy better than 0.5% up to 995m operating range. The USBL system is extremely efficient in shallow water and horizontal conditions and is suitable for any tracking operations, from diver- to multiple subsea assets- or inspection ROV- tracking.
“We’ve been offering iXblue products for over 20 years now, including their INS, AHRS and USBL systems. As a global leader which proven technology is recognized worldwide within our industry, their systems are great assets to have and they’ve always met our customer’s’ requirements,” explains Scott Johnstone, Group Managing Director at STR. “USBL, in particular, are critical components of our rental offer, and the new Gaps M5 is perfectly suited to our customers’ needs and jobs. Our new Gaps M5 is already being utilised by our customers on geophysical surveys for offshore windfarms site investigation, and other tracking and towed services and we received very positive feedback on the performance, lightweight, and compact nature of the new system.”
“We’re very happy to see our latest Gaps USBL system already benefitting subsea operations worldwide and we want to thank STR for their longstanding partnership and continued trust in our navigation and positioning technology,” states Régis Blomme, Sales director at iXblue. “We now look forward to supplying STR with other high end products in order to meet their demanding requirements as they strive to always offer the latest industry solutions available to their customers.”
