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Aberdeen submarine firm secures deep investment

Category: Scotland Business News — Paul Morgan on August 14, 2012

A firm specialising in the supply of remotely operated vehicles (ROVs) to the offshore oil, gas and renewable power industry has secured essential investment to fund expansion plans.

The Aberdeen-based company ROVOP has secured the £8m funding from several avenues. These have included investment from Scottish Enterprise, as well as a significant loan from the Scottish Loan Fund.

In a similar way, many Scottish companies are funding their own growth plans through the use of other sources of funding. For example, invoice factoring, or discounting, is growing in popularity.

Allowing companies to minimize their lending facilities, the alternative facility for commercial finance in Scotland is seen by many as the preferred option.

For its own part, ROVOP will use its funding to exploit the burgeoning oil and gas opportunities in the country. However, the firm also has major international growth plans, with the search already on for a manager for its international business development.

The managing director of the company, Steven Gray, said:

“The focus on international markets is a vital step for us.”

Gray also went on to say that the investment shows that there is great support for the company to expand. As well as funding expansion though, some of the cash injection will be directed to developing new equipment and providing quicker response to customer requests.

As economic conditions continue to challenge many areas of business, working to deliver customer satisfaction at every level is increasingly important – something which Gray also mentioned was critical to ROVOP’s success moving forward.

'Disclaimer: The information contained in these articles is of a general nature and no assurance of accuracy can be given. It is not a substitute for specific professional advice in your own circumstances. No action should be taken without consulting the detailed legislation or seeking professional advice. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a consequence of the material can be accepted by the authors or the firm.

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