, Online Press Release from Saudi Arabia,Riyadh, Jeddah, Dammam, Meccca and Medina
Technology, Computers & IT(Technology)
Filter PR by
APICORP Concludes Successful Exit from Ashtead Technology
APICORP Concludes Successful Exit from Ashtead Technology
• APICORP exits Ashtead Technology after seven years of investment
• APICORP's investment helped the company grow significantly while supporting the Arab energy sector 
Saudi Arabia, July 10, 2023 - The Arab Petroleum Investments Corporation (APICORP), an energy-focused multilateral financial institution, has announced that it has completed the sale of its equity investment in Ashtead Technology, a leading provider of technologically-advanced subsea solutions, tools and systems to the construction and maintenance of offshore energy infrastructure. 
APICORP’s original investment in Ashtead Technology was made in 2016 alongside UK-based private equity firm, Buckthorn Partners, and formed a key part of APICORP’s strategy to diversify its investment portfolio across the energy value chain while supporting the development of the Arab energy industry. 
The investment saw Ashtead Technology swiftly expand its range of market-leading innovative technologies through a series of value-accretive M&A targets offering complementary services and establish a local presence in the Middle East and North Africa, thereby facilitating the transfer of highly specialized technical know-how to the region and maximizing value from offshore energy assets. 
Commenting on the announcement, Khalid Ali Al-Ruwaigh, CEO of APICORP, said: “We are delighted to have successfully exited our investment in Ashtead Technology, a prime example of APICORP's commitment to investing in high-growth companies that are transforming the energy sector. Our partnership with Buckthorn Partners exemplifies our investment philosophy which centers around working closely with like-minded partners to foster innovation which supports a balanced energy transition and aids sustainable economic growth.”
Commenting on the announcement, Nicholas Gee, Founding Partner of Buckthorn Partners, said: “Buckthorn’s partnership with APICORP started with our investment together in Ashtead Technology. The Partners at Buckthorn are very pleased to have supported APICORP’s investment strategy and that the investment in Ashtead has been such a successful one. We look forward to continuing the partnership in our existing investments together, and with others in the future.”
APICORP’s investment in Ashtead Technology has had a positive impact on the region with job creation, technology transfer, and development of local suppliers. Ashtead Technology has played a role in the development of the region’s energy sector by providing innovative solutions that help to reduce costs and improve efficiency. The investment also saw the business diversify into services for offshore renewables which helped accelerate the energy transition and innovation for a more sustainable blue economy. 
APICORP's longstanding relationship with Buckthorn Partners has been instrumental in achieving successful investments aligned with its strategic objectives. The collaboration between the two entities extends beyond Ashtead Technology, as demonstrated by their co-investment in Coretrax.
The exit from Ashtead Technology is in line with APICORP’s strategy of regularly reviewing its portfolio and divesting from investments that have achieved their envisaged objectives. 

Posted by : Saudi Arabia,Riyadh, Jeddah, Dammam, Meccca and Medina PR Network Editorial Team
Viewed 12737 times
PR Category : Technology
Posted on : Monday, July 10, 2023  11:30:00 AM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of
Previous Story : Nafisa Shams Academy Launches Online E-learning Platform
Next Story : Eirad Adopts Innovative Location Technology What3words to Im...
Email this article Print this article

Share this article with your friends and followers
Back to Section Home

Related Stories

Most Viewed Press Release posted in the last 7 days
LG Announces Third-Quarter 2023 Financial Results [15596-Views]
Savoye Acquires a Major Contract in KSA to Support CJ Logistics and iHerb with World-class Automatio... [10857-Views]
Formula E Announces Biggest-Ever Calendar for Tenth Anniversary Season [10028-Views]
30th Anniversary of the WWW: Better access to Education and Healthcare Top Aspirations for the Next ... [8769-Views]
STC Dominates Speed, Mobily Excels in Video: Saudi Arabia's Mobile Network Experience Revealed [8709-Views]
Exclusive Family and Romantic Experiences at InterContinental Durrat Al Riyadh [8562-Views]
Saudi-based FM Professionals Soar to New Heights Following Investment in L&D [8445-Views]
World's First Sheglam Store in the Middle East [8388-Views]
Saudi Aramco's Drilling and Workover Facilities Commence Operations at SPARK [8375-Views]
Radisson Hotel Riyadh Airport Welcomes the Holidays with Brand-New, Family-Friendly Offers [8360-Views]
Free Rides for Saudis to Flu Vaccination Centers [8240-Views]
Saudi Medical Team Brought an Ataxia Patient to Walk Again [7900-Views]
KFSH&RC Organizes 10th International Nursing Conference to Explore Latest Advances in Nursing with T... [7793-Views]
Jeddah's Hayy Cinema Celebrates One-Year Milestone with Nawartuna [7542-Views]
Saudi Health Home Delivers Flu Vaccines by Ride-Share App [7366-Views]
‘For me as a Jordanian, as an Arab, to be Playing Tennis in such a Special Event in Saudi Arabia is ... [7266-Views]
KFSH&RC Jeddah Hosts The 10th International Nursing Conference Gathering Renowned Global Experts and... [7241-Views]
Saudi Medevac Helicopter Fly's 1st Night Evacuation Over Red Sea Waters [7071-Views]
Young ATP Next Gen Stars visit Jeddah's Old Town ahead of history-making first tennis event for Saud... [6981-Views]
Charles Leclerc and Carlos Sainz bring the Noise at the Ferrari Fest in Jeddah [6893-Views]
RSS Facebook Twitter LinkedDin on Instagram
Top Sections
Top Stories