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.
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