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UK subsea services company Rovco reports it is on track to rapidly grow its share of the global subsea market after securing a £1.2 million investment, enabling the firm to launch its advanced live 3D subsea survey system and triple its workforce.
The company has attracted backing from three UK-based investment houses, Green Angel Syndicate, Cambridge Angels and Bristol Private Equity Club. The funds will see Rovco bring its latest inspection technology to the global energy market, and grow its headcount from 10 to 30 employees within the next year.
Following two years of extensive research and development activity, the new technology will begin field trials in the coming weeks. The system has been developed to effectively manage the increasing complexity of subsea operations, using real-time 3D vision and AI data analysis to cut the cost of underwater inspections and maintenance, according to Rovco.
To meet an increased market demand for subsea inspection around offshore windfarms, pipelines and cables, Rovco also plans to add three new ROVs to its fleet within the next six months.
Brian Allen, founder and CEO of Rovco, said: “We have entered the second quarter of 2018 with a strong pipeline of sales and we are extremely confident in our ability to grow our client base both in the UK and overseas. Despite the ongoing market challenges, we have continued to invest in R&D to ensure we deliver high quality and efficient services in several key and growing international markets.
“This latest financial backing will not only allow us to accelerate our growth plans, but it will see us work alongside some of the UK’s most well-established and knowledgeable business leaders whose industry experience will be extremely valuable in the next stage of our development.”
Subsea equipment rental specialist Ashtead Technology, UK, reports it has invested £2.8 million in new technology in response to anticipated market demand.
The company said it has stocked up with core survey, imaging, mapping and positioning systems from a range of industry suppliers in order to fully support customer projects.
Balmoral Offshore Engineering has announced it has acquired Norwegian manufacturer Seaproof Solutions to accelerate its expansion into the offshore renewables market.
Established in 1989, Bergen-based Seaproof designs and manufactures advanced cable protection systems, bend stiffeners and flexible J-tubes and is forecast to generate sales of 140 million NOK (approximately £13 million) in the current financial year.
Balmoral Offshore Engineering, part of Aberdeen, UK-based Balmoral Group, made the acquisition for an undisclosed sum and will retain the current management team and workforce totaling some 37 people at the Seaproof plant. The company will continue trading and manufacturing under that name as a division of Balmoral.
Bill Main, financial director at Balmoral, said: “This timely acquisition will help our drive into the developing renewables sector. The combination of Balmoral’s innovation and processing expertise with Seaproof’s considerable market presence presents a compelling offering.”
Henrik Bang-Andreasen, chief executive officer at Seaproof, said: “We look forward to harnessing Balmoral’s undoubted engineering expertise and experience. The company’s track record is second to none and that will bring immediate benefits to Seaproof’s existing client base.”
Marine Hub Cornwall, UK, which was set up to help grow the marine industry in Cornwall and to promote the county’s marine capabilities, has formally agreed a new collaboration with Marine Energy Wales. Funded by the Welsh government, Marine Energy Wales aims to make the country a global leader in marine renewable energy.
The two organisations have signed a Memorandum of Understanding to work together on areas of common interest and to share their knowledge and expertise.
The Welsh Cabinet Secretary for Finance, Mark Drakeford AM, welcomed the move. “Our draft Welsh National Marine Plan highlights the need to join up with neighbouring regions, including the South West of England, to identify future opportunities and potential issues. By working together we can help achieve our shared vision of clean, healthy, safe, productive and biologically diverse seas, creating sustainable economic benefits for both regions,” he said.
Marine Hub Cornwall operations director Matt Hodson said: “I am delighted that we have been able to formalise this arrangement with Marine Energy Wales and we look forward to working very closely with their team in the years ahead. We both want to see the marine renewable energy sectors developed to their full potential in our respective regions. This will not only generate new jobs but also help to create the low carbon economy of the future. This new collaboration is an exciting step towards achieving those goals.”