ROVOP Grows ROV Fleet with New Funding Boost

ROVOP will increase its fleet by 50% following a funding boost of £56 million from Blue Water Energy and BGF.

The funding has enabled the company to increase its fleet to 24 remotely operated vehicles (ROVs), with the new assets being acquired from Tidewater in Houston.

Steven Gray, the CEO said: “The past few years have seen customers recognize the difference in our quality of service. This latest investment allows us to continue to deliver this service to more customers, especially in the US where much of the new fleet has being acquired from Tidewater.”

He added: “As part of this new company chapter, Mark Vorenkamp is taking the opportunity to retire from the company and I’d like to thank him for his enormous contribution to ROVOP over the past six years.”

Mark Vorenkamp has held a chairman position in the company.

BGF first invested £10.6 million in ROVOP in April, 2015, and has since supported the company twice more with additional funding to grow the fleet.

Mike Sibson, of BGF, said: “BGF’s strategy is to continue to invest in our most successful businesses, and we are delighted to welcome the Blue Water team on board.”

Graeme Sword, partner at BWE, added: “We look forward to the opportunity to work with an entrepreneur like Steven to drive further growth at ROVOP.”