• ROVOP Announce £10M New Investment to Fuel Expansion
    Today, (22 April 2015), independent subsea Remotely Operated Vehicle (ROV) services provider ROVOP marked the official opening of its £4.2m headquarters with the announcement of £10m of new investment and a visit from Fergus Ewing, Scottish Minister for Business, Energy and Tourism.

    The investment, from the Business Growth Fund (BGF), will be used to fuel the ROVOP’s continued growth following its recent international expansion with a Western Hemisphere headquarters in Houston, Texas. The new three-story, 18,500 ft2 building in Aberdeen includes its training facility the ROVOP Academy, full ROV underwater test tank and internal 40t overhead crane.

    ROVOP’s established management team and staff of 130 have developed the company into a leading player in the ROV field. Its impressive client portfolio includes oil and gas, offshore wind and telecommunications companies and an enviable track record of successfully delivering high-profile projects in more than a dozen countries.

    In 2012, ROVOP secured £5m from the Scottish Loan Fund (SLF), managed by Maven Capital Partners, which will now be repaid. The SLF funding enabled ROVOP to successfully meet ambitious growth targets over that period and has positioned the business for further expansion over the coming years with BGF as a new partner.

    Steven Gray, CEO of ROVOP, said: “Demand for ROVOP’s expertise, technology and service continues to grow on an international scale and BGF’s investment is testament to that. The funding we received from SLF played a pivotal role in the international expansion of our business and I believe ROVOP is a good example of how SLF can support ambitious companies to unlock growth that might not have otherwise been achieved.

    “BGF has a full understanding of our business, strategy and ambition for the future. As a long term investor with access to significant capital, it is well placed to support ROVOP through the next phase in our development and growth of the ROV fleet to around 50 ROVs over the next three years, operating globally. The BGF team in Aberdeen are experts in our sector who can add real value and we look forward to working with them over the coming years to realise the next phase of our growth.

    “BGF’s investment comes at a particularly opportune time. The industry needs to change in order to reduce cost. With our bases in Aberdeen and Houston, ROVOP allows operators and offshore contractors to work more efficiently and save cost, while applying the highest standards in health, safety, environmental control to operations.”

    Photo caption: Mike Sibson from BGF with Steven Gray (CEO).

    Mike Sibson, who will join the ROVOP board as investor director for BGF, said: “ROVOP is a highly professional operation with a strong business model based on the best service with the best technology. BGF’s investment will support growth of the fleet both from the UK operation, but also in the Americas where we see significant opportunity.

    “Since founding the business less than four years ago, Steven Gray (CEO) and Mark Vorenkamp (Chairman) have assembled a very experienced team from across the subsea industry, and we are confident they will continue to enjoy success.”

    Minister for Energy, Business and Tourism Fergus Ewing said: “ROVOP has a long history of working across the globe and they have shown a commitment in investing in the workforce in Scotland. This is a testament to the quality and skills of the local workforce. Scotland’s energy sector boasts strong engineering and manufacturing skills that are globally recognised across the oil and gas industry.”

    Ken McHattie will also join the ROVOP board as a non-executive director. Ken is a qualified solicitor, Chartered Accountant and plays an advisory role to various companies in the oil and gas sector. He is currently Vice President of ICAS, the Professional body of Chartered Accountants.

    22.04.2015. 23:41:06