Half-Year Investor Letter – July 2025

Ashtead Technology is a specialist provider of subsea equipment and services for the offshore energy sector. The company benefits from a capital-light business model, mission-critical solutions, and secular tailwinds from the growth of offshore infrastructure. The management team has a proven track record of successful bolt-on acquisitions, leading to excellent returns on capital. Ashtead Technology is solidifying its position as a one-stop shop in a growing niche with high barriers to entry.