ROVOP continues expansion with £10m BGF investment
The investment from BGF will be used to fuel ROVOP’s continued growth following its recent international expansion with a Western Hemisphere headquarters in Houston, Texas.
In 2012, ROVOP secured £5m from the Scottish Loan Fund (SLF), managed by Maven Capital Partners, which will now be repaid. The SLF funding enabled ROVOP to successfully meet ambitious growth targets over that period and has positioned the business for further expansion over the coming years with BGF as a new partner.
Mike Sibson, BGF, and Steven Gray
Mike Sibson, who will join the ROVOP board as investor director for BGF, said: “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.
“Since founding the business less than four years ago, Steven Gray (CEO) and Mark Vorenkamp (Chairman) have assembled a very experienced team from across the subsea industry, and we are confident they will continue to enjoy success.”
Minister for Energy, Business and Tourism Fergus 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.”