Rovop, a UK-based provider of remotely operated vehicles for industrial subsea purposes, has received £10m ($15.7m) in investment from bank-backed growth equity fund Business Growth Fund (BGF).
Rovop’s machinery can be used for purposes including drill support, construction, cable laying and decommissioning. The company provides both the equipment and technicians to its clients.
Rovop has opened its new UK headquarters and will use part of the investment to support its continued international expansion following the recent opening of US headquarters.
Part of the investment will also be used to repay a £5m loan managed by Maven Capital Partners and obtained from the Scottish Loan Fund in 2012.
Mike Sibson, investment director of BGF, will join Rovop’s board. He 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.”
– Image courtesy of Rovop