Motive will undertake Aquatic’s operations in the UK, Singapore, the US, Australia, and Norway, marking a significant milestone in its global growth strategy. The deal, in response to burgeoning market demand, will provide customers access to a wider range of flex lay equipment for offshore telecoms, offshore wind farms, and oil and gas fields. Bolstered by investment from H2 Equity Partners in 2022, the acquisition aligns with Motive’s continued ambitions to target strategic locations, diversify its rental fleet, and generate 75% of revenue from renewables by 2025. The business is on track with this target, achieving 50% of renewable revenue YTD in 2024.
As part of the agreement, Motive will also acquire and invest in Aquatic’s facility in Peterhead, Scotland. The hub will become an additional base in Scotland for Motive, alongside its Boyndie and Kintore facilities.
“As an established and longstanding offshore business we have valued Aquatic as a partner for some time, working closely together over the past couple of years. Its highly skilled engineering team and quality equipment make it a perfect fit for our business, both on a cultural and operational level. This move demonstrates our commitment to delivering specialist equipment to our customers in Scotland through investing in new facilities and in international locations where they need our services. We are proud to combine our teams to draw greater efficiencies for our customers, providing a one-supplier solution,” said Dave Acton, Chief Executive Officer at Motive Offshore Group.
This marks the latest in a series of strategic acquisitions by Motive, including growing its team to a headcount of now 335 people and operating in over 52 locations. The combined business will generate revenues of over £65 million, a 97% increase since the time of H2’s investment in July 2022, further showcasing Motive’s commitment to its international growth and diversification plans by applying offshore resources, cross-sector collaboration, and innovation to the energy sector.
“This transaction represents the initial step in aligning our portfolio with Acteon’s long-term strategic goals. Aquatic has been an integral part of our business, and we are confident that it will continue to flourish and provide exceptional value to its global customers under Motive’s ownership. This divestment enables Acteon to concentrate on our core strengths, driving innovation and investments where we can have the greatest impact. We remain committed to optimizing our portfolio to better serve our customers and stakeholders as we navigate the evolving energy landscape,” added Brice Bouffard, Chief Executive Officer at Acteon.
