Remote-operated vehicle firm Rovop unveiled its £4.2million headquarters in Aberdeen yesterday and announced that it had received £10million of new investment.
The cash injection from the Business Growth Fund (BGF) – a company with £2.5billion of capital and the backing by five UK high-street banks – will be used to help Rovop swell its fleet of ROVs to 50 from 15 over the next three years.
Rovop chief executive Steven Gray said the funding boost had come at a “particularly opportune time”, as the company looks to capitalise on the oil price downturn by providing operators with more cost-effective subsea services.
Mr Gray said the BGF investment will also let Rovop pay off the £5million it was lent in 2012 by the Scottish Loan Fund, which was set up by the Scottish Government to support firms having difficulty accessing traditional bank finance.
Mike Sibson, who will join the Rovop board as investor director for BGF, said the investment will support the growth of its ROV fleet in the UK, but also the US.
Earlier this month, Rovop opened a new support base in Houston, Texas, where it will manage its FMC Schilling Robotics and SAAB Seaeye ROVs.
Back in the UK, the firm last month put all of its north-east operations under one roof at the new facility on Silvertrees Drive in Westhill, which is widely known as the subsea capital of Europe.
The three-story building houses the company’s training academy, a full ROV underwater test tank and an internal 40tonne overhead crane.
Energy Minister Fergus Ewing gave the signal for an ROV to cut the ribbon at yesterday’s curtain raiser.
Mr Ewing said: “Rovop has a long history of working across the globe and they have shown a commitment in investing in the workforce in Scotland. This is a testament to the quality and skills of the local workforce.
“Scotland’s energy sector boasts strong engineering and manufacturing skills that are globally recognised across the oil and gas industry.”
Founded in 2011, Rovop employs 130 people in Aberdeen and has a client portfolio that includes oil and gas, offshore wind and telecommunications companies.
Records from Companies House show that Rovop posted pre-tax profits of £2.25million for the year ending September 30, 2014, against £1.97million a year earlier.
The company’s revenues went up 50% to £15.3million last year.
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