ROVOP positions for more growth as it secures investment from Cordiant Capital
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.”
ENDS
Notes to Editors
About Cordiant Capital
Cordiant Capital is a specialist global infrastructure investor with deep operational expertise and relationships in three alternative sectors: digital infrastructure, agriculture value chain, and energy transition infrastructure.
We seek attractive risk-adjusted returns by providing flexible growth capital across private debt and equity, identifying, and adding longer term value to mid-market businesses.
We believe that investing responsibly and sustainably in alternative infrastructure will make our global supply chains, economies, and societies more resilient while helping our investors achieve their financial objectives.
About ROVOP
ROVOP is a global ROV (Remotely Operated Vehicles) specialist and one of the largest independent providers of ROV services, delivering high performing assets and personnel to deliver exceptional subsea operations to the oil & gas, offshore wind, and utilities industries.
Our track record and market reach in subsea robotics services has led to ROVOP becoming the partner of choice for major players in multiple sectors.
Backed by specialist energy private equity firm Bluewater, ROVOP is headquartered in Aberdeen and services every corner of the world, with offices internationally including the US (Houston), APAC (Singapore) and the Middle East (Dubai).
Media Enquiries:
Cordiant Capital
Brunswick Group
+44 (0) 20 7404 5959
CordiantCapital@Brunswickgroup.com
ROVOP and Bluewater
Alex Williams, Media Zoo
+44 (0) 7793207325
Press Release Disclaimer:
Some of the statements in this press release may be forward-looking statements or statements of future expectations based on currently available information. Such statements are naturally subject to risks and uncertainties. Factors such as the development of general economic conditions, future market conditions, unusual catastrophic loss events, changes in the capital markets and other circumstances may cause the actual events or results to be materially different from those anticipated by such statements. Cordiant Digital and its affiliates do not make any representation or warranty, express or implied, as to the accuracy, completeness or updated status of such statements. Therefore, in no case whatsoever will Cordiant Digital and its affiliate companies be liable to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release or for any related damages. All company names, brand names and logos are the property of their respective owners.
