Westhill-based subsea technology firm Ashtead Technology has received a takeover approach worth about £498million from New York private equity firm Ember Infrastructure Management.
Ember has proposed paying 615p per share in cash for the offshore energy services group, sending Ashtead’s shares surging 60%, or 205p, to 545p following news of the approach.
Ashtead, which provides underwater technology to the global offshore energy industry, said its board is considering the latest proposal and is providing Ember with preliminary due diligence information.
It is Ember’s fourth unsolicited and non-binding proposal for Ashtead Technology.
Shareholders have been advised to take no action, with the company saying: “There can be no certainty that an offer will be made, nor as to the terms of any offer if made.”
Ember has until 5pm on October 21 to either announce a firm intention to make an offer or confirm it does not intend to proceed.
The approach comes after Ashtead Technology reported revenues of more than £100million for the first half of 2026, up 1.1% to £100.2million, although operating profit fell 5.9% to £21.8million amid conflict in the Middle East, project delays and softer offshore renewables activity in Asia.
Chief executive Allan Pirie described the first-half performance as “resilient” despite a “challenging market backdrop”, with oil and gas revenues rising 1.9%.
The company said its expectations for the full year remained unchanged and that the geopolitical environment had reinforced the importance of energy security and increased investment in offshore energy infrastructure.