ROVOP Bounces Back from Ceona Blow with Strong Results
- Business & Finance
ROV service provider, ROVOP, has recorded sales of almost £10 million in the second half of its financial year and EBITDA of £3.5 million for the six months to September 2016, an increase of 14 percent and 27 percent respectively over the same period in 2015.
The company has also welcomed 15 new customers, spanning ten countries, and expanded its fleet with an electric work class ROV, the Seaeye Leopard.
Earlier this year ROVOP was named as one of the ‘London Stock Exchange’s 1000 Companies to Inspire Britain’. To be included in the list, companies needed to show consistent revenue growth over a minimum of three years.
Chief executive, Steven Gray, said: “Our last financial year was very much in two halves. The bankruptcy of one of our major clients in 2015, Ceona, presented a significant challenge that came as the falling oil price bit hard. But I am delighted with the way our team responded, delivering a strong rebound in activity and financial results to achieve a doubling of revenue from the first half of our financial year to the second.”
“We have achieved several significant milestones this year. These include our first project in South East Asia, the successful completion of a multi-year North Sea decommissioning project, the deepest unexploded ordnance survey and relocation project ever undertaken globally, the first installation of commercial scale tidal energy turbines in Scotland and securing a second world war submarine that posed a significant environmental risk. I am delighted with the success of the projects and the momentum we have managed to build in a challenging landscape,” Gray added.
The company has also appointed Lee Shanks as business development manager of its Aberdeen office.
“Appointing Lee as business development manager is an important part of our plans to maintain close relationships with our clients as well as further strengthening our position with new customers in new territories.
“This appointment will further drive our business development and those successes into the New Year,” said Euan Tait, ROVOP commercial director,