Star invests in subsea technology group for growth 

Subsea Technology & Rentals (STR) has raised finance to acquire technology and develop new underwater sensors and products as offshore energy and infrastructure markets grow.

Star Capital Partnership has become a majority shareholder in the UK-headquartered subsea sensor technology provider while Baird Capital, an investor of STR since January 2022, has exited the business.

STR intends to launch new products and open new bases, including one in Norway in 2025, adding to its service facilities in Aberdeen and Great Yarmouth in the UK, Houston (USA), Perth (Australia) and Singapore.

Following the acquisition, Steve Steele will continue to lead STR as chief executive alongside chief financial officer, Stuart Bannerman. Star managing partner, Uniti Bhalla and principal Philipp Moy will join the STR board.

“Securing Star as our new majority investor will unlock significant growth potential as we plan to enter new markets and further boost our disruptive technology,” said Mr Steele.

“We have undergone a significant transformation over the last few years from an equipment rental business to a provider of subsea sensor technology and services across the offshore energy, infrastructure and marine markets, and we intend to go much further.”

STR has nearly doubled its headcount in the last three years, with 110 people globally, and expects to add a further 20 people in 2025, with further growth to be delivered through strategic acquisitions.