Infusion Of Fund Allows ROVOP To Bolster ROV Fleet By 50%

Aberdeen, Scotland-based Rovop Ltd. is using $88.15 million in funding to bolster its fleet by 50%, the company said in late December 2017.

The company also announced that its co-founder and chairman, Mark Vorenkamp, would retire from the 6-year-old company.

The cash infusion comes from Blue Water Energy and BGF and will be used to support growth plans spurred by ongoing customer demand. As many as 80 jobs could be created in the execution of the plans.

Rovop’s fleet grew from 16 to 24 with the purchase of assets from Tidewater in Houston.

“The past few years have seen customers recognize the difference in our quality of service,” Rovop CEO and co-founder Steven Gray. “This latest investment allows us to continue to deliver this service to more customers, especially in the U.S. where much of the new fleet is being acquired from Tidewater. The combination of the latest ROVs with our current assets means that we will have the highest quality ROV fleet globally.”

Along with the immediate step change for the company, the funding primes the company for the future, Gray said.

BGF’s first investment in Rovop was about $14.4 million in 2015. It has pumped in funding twice since then to grow the company’s fleet.

“BGF’s strategy is to continue to invest in our most successful businesses, and we are delighted to welcome the Blue Water team onboard,” said BGF’s Mike Sibson.

Petrobras Awards DOF Subsea ROV Contracts

DOF Subsea has been awarded two new ROV contracts by Petrobras, DOF said in a news release.

The ROVs will be installed onboard Skandi Angra and Skandi Paraty.

The new contracts start in April 2018 and end in September and November 2020, respectively.

In addition, DOF said Petrobras has extended two contracts for the ROVs onboard Skandi Iguacu and Skandi Urca until year-end 2018.

The new contracts and contract extensions give 1,630 days of ROV services for DOF Subsea and increase the backlog by about $24.7 million, DOF said.

Kreuz Subsea Wins Contract To Support Larsen & Toubro, ONGC

Kreuz Subsea said on Jan. 9 it has been awarded its most financially significant contract in the company’s history. The independent firm will mobilize five vessels to deliver subsea completion works for Indian multinational conglomerate Larsen & Toubro Ltd. (LT).

The contract, which is worth an undisclosed eight-figure sum, will see Kreuz Subsea supporting LT to install all riser clamps, risers, crossing works, tie-ins, subsea trenching and hydrotesting of pipelines, which are part of the Oil & Natural Gas Corp.’s (ONGC) pipeline replacement project and Daman Field development projects off the west coast of India.

The five vessels to be used throughout the campaign in the Mumbai High and Daman fields, located in the Mumbai Offshore region, include Kreuz Installer, the DP2 purpose-built subsea umbilicals, risers and flowlines vessel, and Kreuz Supporter, the diving support and construction work barge.

In other news, Kreuz Subsea said the company bolstered its senior management team in November 2017 with the appointment of Phil Bradbury as HSEQ director.

Bradbury has more than 27 years’ experience in the oil and gas industry and has held HSEQ-related management roles at DSND, ISS, Harkand and most recently, Rocksalt Subsea Ltd.

—Staff Reports

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