North-east firm Rovop has secured £20 million ($25 million) from multinational private-equity fund Cordiant Capital.
The subsea robotics specialist plans to use the cash to invest in its fleet and people, with the company charting a course for further growth.
Headquartered in Montreal, Canada, Cordiant is a leading manager of global infrastructure and real assets.
Stephen Foss, co-head of energy transition infrastructure at the fund, said: “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.”
Capitalise on energy projects
Last year, private equity firm Bluewater took full ownership of Rovop, which is among the “world’s largest” independent remotely operated vehicle (ROV) solutions providers.
Founded in 2011 and headquartered in Westhill, on the outskirts of Aberdeen, the firm employs more than 250 people globally.
It serves all key offshore sectors, including the installation of wind-farm related infrastructure, gas pipelines and undersea internet cables.
The cash from Cordiant will allow Rovop to continue capitalising on the current uptick in energy projects, helping the firm to secure new contracts across construction, decommissioning, surveillance, and maintenance.
‘International demand’
For Cordiant, this latest investment, via its LP credit mandates, builds on existing credit facilities in solar and wind power and upstream gas in Greece, Romania, and Turkey respectively.
It also underpins the fund’s belief that a “once-in-a-generation opportunity currently exists to supply flexible credit solutions for energy transition infrastructure across Europe thanks to the twin imperatives of national energy security and combating climate change”.
Neil Potter, Rovop chief executive 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.”
Martin Somerville, managing director at Bluewater 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.”
