Subsea Technology & Rentals Limited (STR)

The company

Subsea Technology & Rentals ('STR') is a leading global provider of mission-critical subsea sensor and tooling equipment to the traditional and renewable energy industries. It rents and services equipment for subsea engineering firms, contractors and OEMs operating across 48 countries, with major markets in the UK, USA, Australia and Taiwan.

The company operates six hubs worldwide — two in the UK, and one each in Singapore, Norway, Australia and the US.

Investment rationale

Connection Capital clients invested in STR alongside STAR Capital, following STAR’s acquisition of the business in December 2024.

The investment provides access to a high-quality, asset-backed business with strong cash generation, a young fleet and a reputation for reliability.

STR’s experienced management team has delivered significant growth in recent years and continues to pursue further expansion through fleet investment, product innovation and selective acquisitions. With a high percentage of its equipment usable across both oil and gas and offshore wind markets, the business is well positioned to benefit from increasing global energy demand and the long-term growth of the offshore renewables sector.