Aberdeen-based remotely operated vehicles firm Rovop growing at rate of knots after swinging to profit

Aberdeen-headquartered Rovop, which specialises in remotely operated vehicles (ROVs), is looking to navigate strong growth in 2022 after swinging to a profit and reeling in new business.

Accounts for the 18-month period ending March 31, 2021, show revenues of £46.6 million, and earnings before interest, taxes, depreciation and amortisation (Ebitda) of £2.9m. It added that all of the positive Ebitda was achieved in the second half of the period, while operating profit was £5.4m versus a loss of £5.3m in the previous year.

The firm said momentum is carrying into 2022 with revenues currently being generated at a level around 50 per cent higher than in the corresponding period in 2019/20. It has secured a further £5m of contract wins in the last six weeks, which “reflects the continuing increase in Rovop’s global operations and business activity across all sectors”.

From left: chief executive Neil Potter, chief financial officer Graeme Park, and chief commercial officer Paul Yeats. Picture: Newsline Media.

The business also said it has further invested in its ROV fleet with two work class systems and a light work class and continues to look at expanding this more, while it in October announced that it had locked down £25m of renewable and offshore contract wins.

The firm also highlighted its recent financial restructure, which has “significantly strengthened” the net-assets position of the business, increasing from £25.4m at September 2019 to £48.5m at March 2021.

Chief executive Neil Potter said: “The emerging growth in the subsea sectors of oil and gas and renewables presents a significant opportunity for us and one on which we are now well-placed to capitalise.

"The company is actively focusing on securing new contracts in the renewables sector, particularly in offshore wind and cable-laying. Alongside Rovop’s ‘cornerstone’ regions of Europe, Middle East and US, we have interesting developments in [Asia-Pacific] and elsewhere, including the securing of a major contract in Thailand, the continuation of major construction campaigns in India and Australasia, and a multi-million pound upcoming campaign in West Africa.

“To support this and anticipated new contract wins, our recruitment effort will be stepped up over the coming weeks… While the swift escalation of the Omicron variant will continue to present challenges for some time to come, we are confident that the very positive change we have seen in the market, with the marked uplift in demand for vessels and correspondingly for our services, will continue throughout 2022 and beyond.”

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