Remotely operated vehicle solutions provider Rovop has secured a new $25 million senior credit facility with Cordiant Capital, the specialist global infrastructure and real assets manager.
Backed by global private equity firm Bluewater, ROVOP is known for providing customers with services 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 capitalizing on highly favorable offshore market dynamics by securing new contract wins across both new build construction, decommissioning, surveillance, and maintenance services,” Cordiant said.
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.
“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,” Neil Potter, CEO of ROVOP, said.
“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,” Stephen Foss, Co-Head of Energy Transition Infrastructure at Cordiant Capital 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,” Martin Somerville, Managing Director at Bluewater, concluded.
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