ROVOP to increase ROV fleet following funding boost

Remotely operated vehicles operator ROVOP will increase its fleet by 50 percent to meet ongoing customer demand following a funding boost of £56m ($75m).

ROVOP said on Wednesday that Blue Water Energy and BGF jointly committed to the funding which underpins the company’s growth plans including the creation of up to 80 jobs.

The company, 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.

According to ROVOP, the funding enabled the company to increase its fleet immediately to 24 ROVs with the new assets being acquired from Tidewater in Houston.

ROVOP CEO Steven Gray said: “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 been acquired from Tidewater.

“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.

“This funding package allows an immediate step change for our business, and secures the funding required to execute our growth plans over the coming years – serving our customers better and in more locations around the world.”

The company also informed that the chairman of ROVOP Mark Vorenkamp was retiring from the company.

BGF first invested £10.6m in ROVOP in April 2015, and has since supported the company twice more with additional funding to grow the fleet.

BGF’s Mike Sibson said: “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.”

Graeme Sword, a partner at BWE, added: “We look forward to the opportunity to work with an entrepreneur like Steven to drive further growth at ROVOP. As the energy market continues to grow for this specialist service, we see Steven and his team as the best placed to capitalize on this.”

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