Portfolio Details

Subsea Technology & Rentals (STR)

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Subsea Technology & Rentals (STR) is a subsea equipment and service provider to the offshore energy and marine science markets. The company works closely with its customers to provide the best solution for their subsea project - becoming a trusted strategic partner. From its extensive collection of subsea rental equipment to its portfolio of custom-designed subsea technology and services, the company is ideally placed to help customers collect critical marine data and intelligence to support their projects in the most effective, efficient way possible

A number of characteristics attracted us to invest in the business, including:

• Serving high-growth end markets – One of STR's three key end markets is offshore wind, which represents a significant portion of total revenue. The sector is large and growing at over 20% annually and that is underpinned by secular tailwinds around decarbonization and renewable energy.
• Global expansion opportunity – The business had the opportunity to expand its global footprint in the U.S. and Singapore, geographies where we could leverage our global footprint and extensive network of operating and industry resources.
• Strong thematic & strategic alignment – At the time of investment, STR was founder-owned and its solution suite focused on the offshore wind sector was highly aligned with our thematic focus on sustainability, and renewable energy generation in particular.

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