Gneiss Energy has successfully advised Baird Capital on its investment in Subsea Technology & Rentals (“STR”), a leading independent subsea rental equipment and specialist services provider to the offshore energy and marine sectors. The funding will enable STR to accelerate the development of its equipment and service offerings through organic and acquisition-lead growth.
Founded in 1989 and headquartered in Great Yarmouth, STR has become a leading provider of subsea technology and services to the subsea energy market to a blue-chip client base. STR operates the youngest equipment fleet in the sector and delivers mission critical technology and engineering solutions to support offshore survey, ROV, IRM, positioning, environmental and subsea construction operations.
STR already has an international footprint with facilities in Great Yarmouth (UK), Aberdeen (UK), Houston (USA), Perth (Australia) and Singapore. The investment from Baird Capital will support STR’s ambitions to further expand its geographical reach, with the Americas, mainland Europe and Southeast Asia being a key focus for the company, supporting energy transition and the rapidly growing offshore wind sector.
Industry executive, Steve Steele, will become STR’s new Chief Executive Officer alongside Scott Johnstone, Chief Operating Officer. In addition, James Benfield and Andy Dyer from Baird Capital also join the board.
Gneiss Energy’s Senior Advisor, Barry Wingate adds: “STR is a highly respected and recognised leader in in its field. The investment from Baird Capital’s Global Private Equity team provides a strong partnership for the management team of STR and will enable the company to meet its global growth ambitions in the rapidly transitioning offshore energy sectors.”
For the official press release, click here.
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