Scottish finance minister John Swinney has announced an allocation from the Scottish Loan Fund (SLF), managed by Maven Capital Partners, of £5 million to ROVOP. The company has also secured £60,000 in grant funding from a Scottish Government backed fund to support its expansion overseas.
The Scottish Enterprise funding will go towards the hiring of a manager for international business and securing accreditation of its quality, health, safety and environmental systems.
ROVOP has also secured significant support from RBS, taking finance raised this year to £8m.
SLF funding will enable ROVOP to acquire additional ROVs to meet the growing demand that has seen the business secure long-term contracts with major marine contractors.
Steven Gray, managing director of ROVOP, said: “The support of Scottish Enterprise, RBS and SLF investment is an endorsement of ROVOP’s significant growth plans and will be key to enabling the business’s continued expansion. This investment allows us to support clients with new equipment at a time when they are demanding the responsive and reliable service that our team can provide.”
“The focus on international markets is a vital step for us. Demand for our products and expertise continues to grow both at home and abroad and the appointment of someone who can manage our international business is part of our plan to match our geographic reach to that of our international client base.
“The ability to operate the most modern and capable ROVs is vital to fulfil contracts available to us in the global subsea market. We are seeing significant growth in challenging subsea environments, such as deepwater and offshore wind farms, where strong currents and constant scouring provide a completely different set of challenges to our clients.”
The company’s growth is highlighted by the growth in personnel to more than 30 in 9 months.