Scottish Loan Fund successfully exits from ROVOP
The Scottish Loan Fund has successfully exited from its investment in ROVOP, which provides subsea Remotely Operated Vehicle (ROV) services. Having originally invested in the business in May 2012, the SLF has since helped fund ROVOP through an exceptional phase of growth which has seen revenues grow from just over £1 million to £23 million today.
Aberdeen-based ROVOP is a real success story and demonstrates the effectiveness of SLF funding as a valuable source of finance for Scottish companies which are looking to fulfil their growth ambitions. When the SLF first spoke to the business regarding a potential funding package to aid its expansion plans, it employed only 4 people and operated one leased ROV. In the three years since the SLF investment of £5 million, ROVOP has increased headcount to 130 and now operates 15 of its own ROVs.
ROVOP provides services to a range of blue-chip clients across the offshore oil & gas and renewable sectors. ROVs are unmanned underwater vehicles used in a variety of applications, including wind farm cable lay and its ongoing inspection; surveying; and the construction, repair and maintenance of pipelines and subsea infrastructure. Market demand for ROVs has continued to outstrip supply, allowing ROVOP to embark on a strategic capital expenditure program aimed at expanding its fleet to service the high levels of sector activity.
The SLF worked closely with ROVOP throughout the time of its investment, supporting the business as it moved into a new 18,500 ft2 purpose-built headquarters in Aberdeen, housing a training facility and a full ROV underwater test tank, and allowing it to expand internationally with the opening of an office in Houston, Texas.
Steven Gray, CEO of ROVOP, said: “Demand for ROVOP’s expertise, technology and service continues to grow on an international scale. The funding we received from SLF played a pivotal role in the international expansion of our business and I believe ROVOP is a good example of how SLF can support ambitious companies to unlock growth that might not have otherwise been achieved.”