New £56m funding boost helps ROVOP grow

£56m funding boost helps Rovop grow

Rovop Limited, an independent operator of underwater remotely operated vehicles (ROVs), is to increase its fleet by 50% to meet ongoing customer demand following a funding boost of £56m.

Blue Water Energy and BGF have jointly committed to the funding which underpins ROVOP’s ambitious future growth plans including the creation of up to 80 jobs.

Rovop, which has bases in Aberdeen and Houston, employs more than 180 people in onshore and offshore roles, and operates 16 of the world’s most advanced ROVs.

The funding has enabled the company to increase its fleet immediately to 24 ROVs with the new assets being acquired from Tidewater in Houston. Tidewater owns and operates one of the largest fleets of offshore support vessels globally.

Since being co-founded in 2011, Rovop has been focused on the provision of ROV services to the oil and gas, offshore wind, telecoms and power transmission industries.

CEO Steven Gray said: “The past few years have seen customers recognise the difference in our quality of service. This latest investment allows us to continue to deliver this service to more customers, especially in the US where much of the new fleet has being acquired from Tidewater. The combination of the latest ROVs with our current assets mean that we will have the highest quality ROV fleet globally.

“With BGF’s support, we have already established ourselves as a leading specialist in our field. The new partnership with Blue Water Energy will cement this further and accelerate our ambitious growth plans to become the leading independent ROV company. We look forward to working with Graeme Sword and the team from Blue Water Energy.” 

Mike Sibson of BGF, said the investment represented an exciting phase in the development and growth of Rovop: “BGF’s strategy is to continue to invest in our most successful businesses, and we are delighted to welcome the Blue Water team on board.

“Rovop has weathered the storm caused by the oil industry downturn by providing the best equipment, the best people, and the best service to customers who need high reliability and efficiency. This partnership makes a step change in our ability to meet those customers’ demands.”