BGF pumps £10m into Rovop

The investment will be used to expand the company's fleet of undersea vehicles, targeting a total of 50 craft over the next three years.

Debt
The deal has been supported with working capital facilities provided by RBS.

Company
Rovop's remotely operated vehicles are tethered, underwater vehicles used by the offshore oil and gas and renewables industry to support activities including inspections, wind farm cable-laying, drilling operations, subsea construction, as well as repair and maintenance of underwater pipelines.

The company was established in September 2011, and is headquartered in Westhill, Aberdeenshire. Rovop's western-hemisphere headquarters are based in Houston, Texas. The business employs 130 people.

People
BG investment director Mike Sibson has joined the company's board. Steven Gray is CEO of Rovop and Mark Vorenhamp chairs the business. Ken McHattie, vice president of the Institute of Chartered Accountants of Scotland, has joined Rovop's board as non-executive director.

Advisers
Equity – Pinsent Masons (Legal); Johnston Carmichael (Financial due diligence).
Company – CMS Cameron McKenna (Legal).

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• Topics
• UK / Ireland
• Expansion
• BGF (Business Growth Fund)