ROVOP, one of the world’s largest independent remotely operated vehicle (ROV) solutions providers, is pleased to announce a new $25 million senior secured credit facility with Cordiant Capital (Cordiant), the specialist global infrastructure & real assets manager.
Backed by global private equity firm Bluewater, ROVOP is known for providing its customers with best-in-class equipment and services and is a long-term and trusted partner to blue-chip customers in all key offshore sectors, including the installation of wind-farm related infrastructure, gas pipelines and undersea internet cables.
With a management team well known to Cordiant, the firm is pleased to support ROVOP as it continues to invest in its fleet infrastructure and employees and to allow the business to continue capitalising on highly 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 well positioned to help facilitate the global energy transition, as the leading independent operator of underwater ROVs.
This latest investment by Cordiant via its LP credit mandates, builds on existing credit facilities in solar and wind power and upstream gas in Greece, Romania, and Turkey respectively and is aligned to the firm’s belief that a once-in-a-generation opportunity currently exists to supply flexible credit solutions for energy transition infrastructure across Europe thanks to the twin imperatives of national energy security and combating climate change.
Neil Potter, CEO ROVOP, 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 Energy Transition Infrastructure at Cordiant Capital 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.”
Martin Somerville, Managing Director at Bluewater added: “We’re delighted that Cordiant is supporting ROVOP at an exciting time in the company’s development. This added financial strength will help to support management’s ambitious growth plans.”