Aberdeen-based subsea robotics specialist Rovop has reported a dramatic surge in profits, posting a pre-tax profit of £13.3 million in its first nine months under the ownership of US billionaire Gary Chouest. The turnaround marks a significant leap from the £3.1 million profit recorded in the previous year, highlighting the impact of new leadership and global expansion on the Westhill-headquartered firm.
Rovop, one of the world’s largest providers of remotely operated vehicle (ROV) services, was acquired by C-Rovop LLC, part of the Louisiana-based Edison Chouest Offshore group, in a deal that ended a seven-year period under private equity firm Bluewater. The acquisition has allowed Rovop to tap into new global markets, with operations expanding in Houston, Singapore, and Dubai. Turnover for the nine-month period reached £54.4 million, up from £53.7 million for the previous 12 months.
Chief executive Neil Potter described the change in ownership as a “remarkable opportunity for growth, innovation and delivery of even greater value to our clients, bringing a significantly increased fleet of ROVs and an expanded knowledge that our customers will be able to tap into”.
The company’s workforce has also grown, increasing from 272 to 311 employees during the reporting period as demand for ROV services continues to rise in both oil and gas and offshore wind sectors.
The financial boost follows a string of major contract wins and rising demand in the renewables sector, which now accounts for a “significant portion” of Rovop’s revenue. In 2023, 25% of the company’s total revenue came from green energy projects, including offshore wind and cable lay operations.
The accounts also revealed that one Rovop executive received £2.2 million in pay during the record-breaking year, reflecting the company’s strong financial performance and growth trajectory.
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Director Director Dane Dundas commented to the P&J: “The emerging balanced view towards energy security presents a positive outlook for both traditional and new energy, and the group is well positioned to serve both sectors.
“The directors are confident that the prospects for the market for Rovop’s services, coupled with the wider global customer base that has been built up over the last two years, will continue to drive growth in the business.”
