ROVOP raises £10m to expand fleet of subsea vehicles

Investment from the Business Growth Fund comes as company opens new £4.2m Aberdeen headquarters

ROVOP, a Scottish company which specialises in underwater remotely operated vehicles (ROV), has closed £10m investment from the Business Growth Fund (BGF) to support the offshore oil and gas renewables industries.

Founded in September 2011, ROVOP specialises in tethered, unmanned ROV’s which carry out a wide range of tasks including subsea construction, wind farm cable laying, infrastructure maintenance and so on.

Having yesterday opened its new £4.2m headquarters in Aberdeenshire, the company is now eying up expansion with plans to use the funding to take its fleet of vehicles to 50 over the next three years.

As part of the deal, BGF’s Mike Sibson will join the company’s board.

ROVOP CEO, Steven Gray, commented: “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 is in the next phase of our development.”

Sibson added:

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

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