- Bluewater has sold Aberdeen-based ROVOP to US marine solutions leader, Edison Chouest Offshore.
- ROVOP has achieved considerable growth with Bluewater’s support by expanding internationally and enhancing its operations in sustainable energy sectors.
- Martin Somerville, MD at Bluewater said: “We have been on a fantastic journey with ROVOP; the company is in great shape as we hand the business over to new owners for this next stage of the ROVOP story. This is another great example of a Bluewater investment, growth journey and successful exit.”
Bluewater, the specialist energy private equity firm, announced today the completion of its sale of ROVOP, a leading provider of ROV services for the energy sector, to Edison Chouest Offshore, a US-based marine transportation solutions provider. The terms of the transaction remain undisclosed.
Bluewater first invested in Aberdeen-headquartered ROVOP in 2017 through its second fund, significantly enhancing the company’s international presence and its operations in low-carbon industries.
ROVOP has grown significantly under Bluewater’s stewardship, who in 2020 invested further in the business alongside then-part-owners BGF to secure the long-term future of the business. At the same time, Neil Potter was made Chief Executive Officer. Bluewater subsequently assumed full ownership in September 2022 and facilitated a $25 million investment from Cordiant Capital to spur continued growth.
For the fiscal year ending March 31, 2023, ROVOP reported a 31% increase in revenue, reaching £53 million, and is expected to report continued growth in the following year.
Martin Somerville, MD at Bluewater added: “We wish ROVOP and its employees all the very best under their new ownership. We also congratulate Neil Potter, Graeme Park and Maurice McBride on their excellent efforts to rebuild and substantially grow the business since 2020, delivering a very strong return for all stakeholders.”
Neil Potter, CEO of ROVOP, said: “I would like to thank Bluewater for supporting ROVOP since 2017 and me personally for the past four years. We have achieved plenty together, including delivering on a strategy that was the groundwork for the growth we’ve delivered in recent years.”
