Ashtead Technology, the Aberdeen-based subsea technology solutions provider to the global offshore energy sector, said its first-half revenue rose 1.1% to £100.2 million in the six months to June 30, 2026, as profit before tax slipped 1.5% to £17.5 million.
“Solid performance in Europe offset by previously flagged Middle East impact, project delays and softer offshore renewables activity in Asia,” said Ashtead.
In its outlook, Ashtead said: “Long-term market fundamentals remain strong as growing focus on energy security, resilience, and supply diversification is expected to reshape energy markets and drive significant infrastructure investment across both renewables and oil and gas.
“Ashtead Technology’s addressable market is projected to grow at a 6% CAGR, reaching $3.4 billion by 2029, supported by strong customer backlogs and expanding opportunity pipelines.
“The company remains well positioned to navigate near-term market headwinds arising from the current geopolitical situation in the Middle East and continues to position itself to capture the longer term opportunities as they arise.”
Ashtead Technology CEO Allan Pirie said: “The group has delivered a resilient performance in the first half of the year and continued to make strategic progress despite the challenging market backdrop due to the conflict in the Middle East which has created broader geopolitical uncertainty.
“The agility of our integrated global services platform, our diversified business model, disciplined operational execution and relentless focus on supporting customers, enabled us to deliver revenue growth and robust margins during the period.
“We continued to execute on our long-term strategy, investing organically in our technology portfolio and further strengthening our market-leading offering and international capabilities through the acquisition of Seadraulics.
“This complementary bolt-on acquisition provides a vehicle to further expand our service capability in the Australian market to support the full lifecycle of offshore energy infrastructure in the region.
“The Board’s expectations for the full year are unchanged from our trading update on 20 August 2026.
“While market headwinds have impacted the FY26 outlook, the current geopolitical environment has reinforced the critical importance of energy security, resilience and supply diversification, supporting increased investment in offshore energy infrastructure and underpinning our confidence in the long-term growth opportunity for the group.
“We remain focused on executing our long-term strategy and will continue to invest selectively in our technology, people and international capabilities to further enhance the group’s ability to continue delivering sustainable growth and long-term value for shareholders.”