Funding the Future: unlocking capital to power the growth we need12:00 am - 1:00 pm
ROVOP continues expansion with £10m BGF investment
ROVOP, the independent subsea remotely operated vehicle (ROV) services company, is gearing up for continued development of its fleet and international expansion after securing £10m of funding from BGF, the UK’s leading growth capital investor.
The announcement of the deal comes as Fergus Ewing MSP, the Scottish Government’s Minister for Business, Energy & Tourism, officially opened the company’s new £4.2m headquarters in Westhill, Aberdeenshire. The 18,500 sq ft site allows ROVOP’s fleet of ROVs to be managed from one integrated hub and includes its proprietary training academy, ROV simulator, offices and underwater ROV test facility.
ROVs are tethered, unmanned underwater vehicles used by the offshore oil and gas and renewables industries to carry out a wide range of tasks to support wind farm cable lay and ongoing inspection; drilling operations; subsea construction; survey and the inspection, repair and maintenance of subsea pipelines, platforms and other infrastructure.
ROVOP was founded in September 2011 and since then has invested more than £40m in its fleet of ROVs while building a strong reputation for quality, reliability and safety. ROVOP is 100% focused on ROV services and therefore provides genuine expert capability to its growing client base. The investment from BGF will allow the company to continue to grow its fleet of ROVs with a capital expenditure programme that would see the expansion of the fleet to around 50 ROVs over the next three years, operating globally.
Earlier this month, the company opened its western hemisphere headquarters in Houston, Texas, hiring experienced industry experts Scott Wagner, Brett “Gonzo” Eychner and Wayne Betts to lead the business, which has already served customers in both North and South America.
BGF’s Mike Sibson, who will join the ROVOP board, 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.”
Steven Gray, CEO at ROVOP, added: “ROVOP is committed to providing clients with the most advanced, capable and reliable ROV technology, world-class business systems and the best offshore personnel trained in our own ROV Academy.
“We’re delighted to be bringing BGF on board. As a long-term investor with access to significant capital and good oil and gas experience, it is well placed to support ROVOP through the next phase in our development.”
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.
ROVOP continue to be supported by The Royal Bank of Scotland who provide working capital facilities to the company.
Business funding news
BGF’s North West team leads on deals with an EV of £450m
BGF has led on deals with a total enterprise value (EV) of £450 million in the North West in six…
BGF Achieves Record-Breaking Annual Results in 2021
BGF has reported record results in its 2021 Annual Report and Accounts, published today. Founded in 2011, BGF is a…