Maven backs four energy services companies

The fresh funding was provided through the Scottish Loan Fund, which recently closed on £113m. Maven has an option to draw down up to £9m to follow up on the initial £5m investment.

The funding was provided for various purposes within the respective businesses. Red Spider Technology intends to expand its international footprint; Booth Welsh Automation will deploy the additional liquidity as working capital to fund prospective growth in contracts; and ROVOP will use the funding to acquire additional Remotely Operated Vehicles (ROVs).

Company
Red Spider Technology, founded in 2003, manufactures remotely operated well-intervention and completion tools for the oil and gas industry. Based near Aberdeen, Scotland, the company employs around 70 staff.

Booth Welsh Automation, founded in 1989, provides engineering services to the pharmaceutical, nuclear, oil & gas, chemical, utilities, and food & beverage industries. The firm is based in Stevenston, South-West Scotland, and employs around 200 staff.

ROVOP, also based near Aberdeen, operates ROVs for servicing the offshore oil & gas and renewable energy industries.

The fourth company, an Aberdeen-based energy services business, has not been named at this time.

People
Partner Andrew Craig represented Maven Capital Partners.

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