Remotely operated vehicle (ROV) solutions provider ROVOP has announced a $25m senior secured credit facility with infrastructure asset manager Cordiant Capital.
Already backed by private equity firm Bluewater, the Aberdeen-based business provides equipment and services to customers in all key offshore sectors, including the installation of wind-farm related infrastructure, gas pipelines and undersea internet cables.
The money will be used to invest in fleet infrastructure and employees, allowing the business to continue capitalising on favourable offshore market dynamics by securing new contract wins across both new build construction, decommissioning, surveillance and maintenance services.
After a cycle of significant industry underinvestment, the ROV services market is expected to benefit from 'robust investment', with ROVOP positioned to help facilitate the energy transition.
This latest investment by Cordiant via its credit mandates, builds on existing credit facilities in solar and wind power and upstream gas in Greece, Romania and Turkey.
ROVOP chief executive Neil Potter said: “ROVOP is seeing record demand for its services, and Cordiant’s investment means we’re better placed than ever to take advantage of increasing international demand for subsea robotics in both renewable and traditional energy sectors.
“This investment solidly positions ROVOP for further growth as we continue to invest in our fleet and our people.”
Stephen Foss, co-head for energy transition infrastructure at Cordiant, commented: “ROVOP is a company with great momentum and we’re excited to be supporting them on the next stage of their growth journey.
“We firmly expect infrastructure service providers like ROVOP to continue thriving as the desire to develop autonomous, low-cost based means of power generation and expansion of digital communication as they continue to grow in importance.”
Headquartered in Aberdeen, the business also has offices internationally, including the Houston, Singapore and Dubai.
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