Aberdeen remotely operated vehicle specialist Rovop lands new multi-million-pound credit facility

An Aberdeen-headquartered firm that says it is one of the world’s largest independent remotely operated vehicle service providers has secured a new credit facility equivalent to more than £20 million enabling it to harness “record” demand.

Rovop, which says it serves blue-chip customers in all key offshore sectors, including the installation of wind-farm related infrastructure, gas pipelines and undersea internet cables, has locked down the $25m (£21m) senior secured credit facility with Canada-headquartered global infrastructure and real assets manager Cordiant Capital.

The latter said it is pleased to support Rovop, whose management team it knows well, as the Westhill-based organisation continues to invest in its fleet infrastructure and employees, and to allow it to secure contract wins across new build construction, decommissioning, surveillance, and maintenance services against a backdrop of “highly favourable offshore market dynamics”.

Neil Potter, chief executive of the subsea robotics services specialist, said: “Rovop is seeing record demand for its services, and Cordiant’s investment means we’re better placed than ever to take advantage of increasing international demand for subsea robotics in both renewable and traditional energy sectors. This investment solidly positions Rovop for further growth as we continue to invest in our fleet and our people.”

Rovop says it serves blue-chip customers in all key offshore sectors, including the installation of wind-farm related infrastructure, gas pipelines and undersea internet cables. Picture: contributed.

Stephen Foss, co-head energy transition infrastructure at Cordiant Capital, also commented: “Rovop is a company with great momentum and we’re excited to be supporting them on the next stage of their growth journey. We firmly expect infrastructure service providers like Rovop to continue thriving as the desire to develop autonomous, low-cost based means of power-generation and expansion of digital communication as they continue to grow in importance.”

Martin Somerville, MD at global private equity firm Bluewater, which took full ownership of Rovop last year after investor BGF (formerly the Business Growth Fund) sold its seven-year-old stake for an undisclosed sum, added: “We’re delighted that Cordiant is supporting Rovop at an exciting time in the company’s development. This added financial strength will help to support management’s ambitious growth plans.”

Rovop, which was founded in 2011, says it services every corner of the world, with overseas offices including Houston in the US and Dubai.