ROVOP enjoys strong recovery in challenging marketCompany News // December 8, 2016
As a result of multiple contract wins in 2016, independent ROV service provider ROVOP says it has "recovered strongly" from the downturn in the oil and gas industry.
The company enjoyed a record period in the second half of its financial year with sales of almost £10 million and EBITDA of £3.5 million for the six months to September 2016, an increase of 14 per cent and 27 per cent respectively over the same period in 2015.
It also welcomed 15 new customers, spanning ten countries, to its high-profile global portfolio of clients and expanded its fleet with an electric work class ROV, the Seaeye Leopard, the most powerful vehicle for its size in the world.
Earlier this year ROVOP was named as one of the London Stock Exchange’s 1000 Companies to Inspire Britain. The report was a celebration of the UK’s fastest-growing and most dynamic small and medium sized businesses. To be included in the list, companies needed to show consistent revenue growth over a minimum of three years, significantly outperforming their industry peers.
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 our first project in Southeast Asia, the successful completion of a multi-year North Sea decommissioning project, the deepest unexploded ordnance survey and relocation project ever undertaken globally, the first installation of commercial scale tidal energy turbines in Scotland and securing 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. The market now clearly recognises that current generation ROVs lower cost and the importance of the high quality personnel employed by ROVOP and trained in our in-house academy.”
The company has also announced the appointment of Lee Shanks as Business Development Manager. He joined ROVOP in its Aberdeen office and brings extensive subsea sector experience to drive further business growth.