ROVOP secures £10m from BGF to fund fleet expansion and international growth
BGF has provided a £10m growth investment to support ROVOP as it expands its subsea operations in the UK and the Americas.
ROVOP provides subsea remotely operated vehicle services and technology to the offshore energy sector. The firm operates globally with bases in the UK and the Americas.
Subsea vehicle operator ROVOP has secured £10m in funding from BGF to support its ongoing international expansion and fleet development. The fresh capital follows the company's recent establishment of a Western Hemisphere headquarters in Houston, Texas.
The investment allows ROVOP to repay previous funding from the Scottish Loan Fund, managed by Maven Capital Partners, which supported the company through a period of expansion since 2012. BGF representative Mike Sibson will join the company board as investor director.
Founded less than four years prior to the investment by chief executive Steven Gray and chairman Mark Vorenkamp, ROVOP has assembled a team drawn from across the subsea industry to target further growth in both domestic and American markets.
Investor perspective
"ROVOP is a highly professional operation with a strong business model based on the best service with the best technology. BGF’s investment will support growth of the fleet both from the UK operation, but also in the Americas where we see significant opportunity."
Mike Sibson
Investor, BGF
Use of funds
- 01Expand into international markets
- 02Build out infrastructure
