Strong order book for subsea firm

ROVOP defies downturn to enjoy record results

lee-shanksSubsea vehicle provider, ROVOP, has recovered strongly from the downturn in the oil and gas industry on the back of a series of contract wins this year.

The company enjoyed record period in the second half of to September with sales of almost £10 million and EBITDA of £3.5m.

This is an increase of 14% and 27% respectively over the same period in 2015.

It also welcomed 15 customers, spanning ten countries and expanded its fleet by adding an electric vehicle, the most powerful of its type in the world.

Chief executive, Steven Gray, said: “Our last financial year was very much in two halves.  The bankruptcy of one of our major clients in 2015, Ceona, presented a significant challenge that came as the falling oil price bit hard.

“But I am delighted with the way our team responded, delivering a strong rebound in activity and financial results to achieve a doubling of revenue from the first half of our financial year to the second.

“We have achieved several significant milestones this year.”

These include the first project in South East Asia and the successful completion of a multi-year North Sea decommissioning project.

The company has also carried out the deepest unexploded ordnance survey and relocation project ever undertaken globally, and the first installation of commercial scale tidal energy turbines in Scotland. It also secured a second world war submarine that posed a significant environmental risk. 

“I am delighted with the success of the projects and the momentum we have managed to build in a challenging landscape,” said Mr Gray. 

The company has announced the appointment of Lee Shanks (pictured) as business development manager in its Aberdeen office.

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