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Rovop overcomes Ceona collapse to achieve strong growth

A remotely-operated vehicle being deployed by Rovop
A remotely-operated vehicle being deployed by Rovop

Aberdeenshire-based Rovop overcame the collapse of one of its main clients to record revenue growth in the second half of its financial year.

Rovop, a remotely-operated vehicle (ROV) service provider, chalked up sales of almost £10million in the six months to September 30, 2016, up 14% year-on-year.

The Westhill-headquartered firm had slipped to a pre-tax loss of £4.4million in the year ended September 30, 2015, after subsea engineering contractor Ceona went into administration.

But the addition of new clients has helped Rovop return to form.

Rovop chief executive Steven Gray said: “Our last financial year was very much in two halves.  The bankruptcy of one of our major clients in 2015, Ceona, presented a significant challenge that came as the falling oil price bit hard.

“But I am delighted with the way our team responded, delivering a strong rebound in activity and financial results to achieve a doubling of revenue from the first half of our financial year to the second.

“We have achieved several significant milestones this year.  These include our first project in South East Asia, the successful completion of a multi-year North Sea decommissioning project, the deepest unexploded ordnance survey and relocation project ever undertaken globally, the first installation of commercial scale tidal energy turbines in Scotland and securing a second world war submarine that posed a significant environmental risk.

“I am delighted with the success of the projects and the momentum we have managed to build in a challenging landscape.

The company has also appointed a new business development manager in Lee Shanks, who most recently worked for Forum Subsea Rentals.

Rovop commercial director Euan Tait said of the new recruit: “Lee has exceptional experience both in technical and customer facing roles.  Appointing him as business development manager is an important part of our plans to maintain close relationships with our clients as well as further strengthening our position with new customers in new territories.”

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