UK subsea services company Rovco has secured a six-figure investment from London-based Sustainable Ventures to help fast-track the company’s growth plans.
Rovco said that the investment would enhance the subsea AI and 3D service range and enable the company to capture a larger share of the global offshore survey market.
With the AUV/ROV market predicted to be worth over $4 billion per year from 2020, Rovco believes that the adoption of these systems is key to reducing the long-term operational costs associated with owning subsea infrastructure.
The company added that Sustainable Ventures would also assist Rovco through its Accelerator program in building a team of industry-focused non-executive directors and advisors while supporting additional raises of up to £3m over the next two years.
Brian Allen, CEO of Rovco, said: “This initial investment, coupled with better access to further capital, will enable us to expand our state of the art services and meet the needs and demands of the industries in which we operate.
“We are in a strong position to eventually capture at least 10% of the subsea inspection market, and we are already working with key players in the industry.”
Over the past year, the firm carried out projects in the UK, the Middle East and Fiji with opportunities identified in other international markets, including Brazil, and across Europe.
Andrew Wordsworth, managing director of Sustainable Ventures, added: “With a strong management team and significant growth potential, Rovco is in a strong position to make the most of the current market conditions and play a crucial and defining role in the emerging renewable and decommissioning sectors.
For a fairly young company, Rovco has already achieved so much and is well on its way to becoming a major international subsea services business specializing in the use of remote and autonomously controlled vehicles.”