Following the MBO, the Aberdeen group’s three operating companies – Rotech Subsea, Rotech Engineering and Rotech Fabrication – will be headed up by directors Don Stewart, Stephen Cochrane, Martin Graham and Steve Aitken with the support of Mike Hill, who continues as chairman.
Financial details surrounding the deal have not been disclosed. The buyout, which has been supported by existing shareholders, will herald a new phase of investment by Rotech in the growth and development of its subsea excavation business.
The firm is celebrating 30 years of operation in the offshore industry, and recently deployed its new “RS” controlled flow excavation technology, which Rotech hopes will “revolutionise the sector”.
Stewart – a 20-year veteran of Rotech – said: “As a team we go back a long way with Rotech, having worked extremely well together over many years, and look forward to this exciting new chapter for the company.
“Despite the challenges facing the offshore industry we are pleased to be delivering the growth of our subsea business, particularly in the offshore renewables and power cable sectors.”
He added: “As the new owners we intend to deliver our ambitious and fully-capitalised business plan, focused on the growth and development of our subsea excavation business.
“The new company structure sees us boast a strong balance sheet, enabling the growth of the new business which will see Rotech Engineering continuing to develop innovative new designs, Rotech Fabrication building the new fleet, and Rotech Subsea operating these state-of-the-art tools with an excellent on- and offshore team.”
Fabrication director Aitken said: “This change means that even during these tough times for the industry we’ll be able to continue providing the best quality service to our external customers, while fabricating the best quality equipment for Rotech Subsea.”
Subsea director Cochrane added: “There has been tremendous demand for this next generation RS equipment, which efficiently creates a deeper and narrower trench with the added benefit of backfilling capabilities for cable protection.
“With this MBO Rotech Subsea are well positioned to deliver more services to the renewable, oil and gas, and decommissioning markets worldwide.”