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ROVOP Announces New Investment and New Management

Source: www.gulfoilandgas.com 7/8/2020, Location: North America

ROVOP, the UK’s leading independent provider of cutting-edge subsea remotely operated vehicles (ROVs), is announcing a new multi-million-pound investment by its shareholders Blue Water Energy, the energy investment firm, and BGF.

Aberdeen-based ROVOP, which has bases in Houston, Dubai, the Netherlands and Singapore, is known for being one of the truly international, dedicated providers of underwater vehicles with a market-leading fleet that uses the latest technologies.

The investment secures ROVOP’s long-term future and ensures the company can continue to provide the services it is renowned for: providing all of its customers with best-in-class equipment and service.

Alongside the investment, ROVOP is also announcing the appointment of a new senior management team.

David Lamont is stepping down as CEO, with Neil Potter being appointed as new CEO. Neil has extensive experience in Oil & Gas industry and has spent 18 years of his career at board level, including successful senior roles at Dominion Gas and TWMA.

Maurice McBride will join ROVOP as Non-Executive Chairman and brings over 40 years’ experience in the Oil & Gas industry to ROVOP’s Board. Maurice has spent more than 23 years in Non-Executive Director roles.

Maurice McBride, Non-Executive Chairman, said: "The investment from Blue Water Energy and BGF will allow us to focus on providing specialist services to our clients. I have worked with Neil extensively in the past and I can safely say we are in excellent hands. I am looking forward to working with the new management to deliver for all our stakeholders.”

Neil Potter added: "I would like to thank David Lamont for all his hard work and everyone at ROVOP wishes him well for the future. We now have a restructured balance sheet that has the backing of our investors, banks and financial partners. The wide-reaching changes that we have announced today will allow us to build on everything that has been achieved, and we will ensure we continue our dedicated, customer-focused approach to what we do – something that will be the driving force behind our future growth.”

Mike Sibson of BGF said: "Having been an investor in ROVOP since 2015, we’re pleased to support them through the current, combined challenge of the global pandemic and the oil price volatility and ensure they are well-positioned to recover and grow.”

"BGF is a long-term investor and we’re committed to supporting entrepreneurial companies that have the resilience, innovation and strong underlying fundamentals that will ensure they manage the difficult times as well as being able to continue to capitalise on opportunities that arise.”

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