Press

ROVOP Reports Record Year and Growth in Challenging Market


Aberdeen 5th July 2018 – ROVOP Limited, (“Rovop”) an independent operator of underwater remotely operated vehicles (ROVs), has marked a major business achievement after reporting record revenues and employee numbers for the company. ROVOP has also reported its best ever EBITDA (Earnings before Interest, Taxes Depreciation and Amortisation).

ROVOP Limited, the UK trading business of ROVOP, last year boosted its turnover by 39% to £19.7m, despite very challenging market conditions and continued pricing pressure, while its EBITDA increased 50% from the prior year level of £4.8m to a record £7.2m. 

Just before its September 2017 financial year end, the company also reduced its long-term debt from £35m to £16m, providing it with much greater financial flexibility ahead of a £56m fund raising completed in December 2017.

During the same financial year, ROVOP also saw its team increase by more than 10% from around 160 to 180. Its ROV fleet has also grown to 27, compared with 16 the previous year.

Steven Gray, ROVOP chief executive officer, said: “These results reflect a period when the market for subsea services, and ROVs in particular, remains in a deep downturn. Customers remain very cost focused, and projects have remained short and subject to delays at late notice.

“Against this difficult backdrop, which has had a severe impact on our sector, we believe ROVOP has had a record year in terms of revenue and EBITDA because customers have recognised our ability to reduce risk and cost in their projects. However, we also feel pressure on margins and continue to work hard to reduce costs for customers in a sustainable way as possible in the current conditions. 

“The built-in diagnostics, the modularity of our ROV systems and our in-house training academy, combined with our laser-like focus on ROVs, result in the highest uptime statistics in our industry. The industry has had to become more efficient and focus on reliability and quality to reduce wasted spend, this plays to our strengths.”

Mr Gray said ROVOP is focused on building on the company's momentum which has seen the firm work in more than 10 countries so far this year: “We will continue our growth, in part through the acquisition of the ROV fleet we purchased in December 2017, which took our fleet to 27, and further growth initiatives we have planned and are funded for 2018. We believe the time is right to accelerate our growth as the industry demands that ROVs, in common with other services, move into the new era of a more efficient supply chain, based on technology and modern working practices.”



New service from OilVoice
Trip Shepherd is for companies who need to track their staff in areas of risk.
It's free to use, so we invite you to try it.

Visit source site

rovop.com/news

ROVOPROVsUnderwaterUnited KingdomUK

More items from oilvoice


Cyber Security Experts Unite to Protect Europe’s Critical Industries

CS4CA Summit Returns to London this October Staying abreast of fast-paced industry developments is crucial for cyber security professionals. And while one can learn a lot from publications and social media, it's hard to beat the value of insights gained first-hand from peers. This is why 150+ IT ...

OilVoice Press - OilVoice


Posted 1 month agoPress > cybereurope

Africa E&P Summit

The organisers of the Africa E&P Summit are bringing together Africa's leading exploration companies and governments, just one of the many reasons why you should be attending frontier's event that they are organising and hosting in London at the IET: Savoy Place, 22-23 May. Over 200 key senior exec ...

OilVoice Press - OilVoice


Posted 5 months agoPress > Africasummitoil summit +2

Equinor Deepens in Offshore Wind in Poland

Equinor has exercised an option to acquire a 50 % interest in the offshore wind development project Bałtyk I in Poland from Polenergia. This transaction is a follow-up of the agreement between the two companies which came into force in May 2018 , by which Equinor acquired a 50 % inter ...

OilVoice Press - OilVoice


Posted 9 months agoPress > EquinorEquinor EnergyPoland +2

Nigeria has highest capex on crude and natural gas projects in sub-Saharan Africa Over Next Seven Years, says GlobalData

Nigeria accounts for more than 34% of the proposed capital expenditure (capex) on planned and announced crude and natural gas projects in the sub-Saharan Africa over the period 2018–2025, according to GlobalData , a leading data and analytics company. The company's report: ‘H2 2018 Production ...

OilVoice Press - OilVoice


Posted 9 months agoOpinion > GlobalDataNigeriaCrude +5

CNOOC Signs Strategic Cooperation Agreements with 9 International Oil Companies

HONG KONG, Dec. 18, 2018 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that its parent company, China National Offshore Oil Corporation (CNOOC), has signed Strategic Cooperation Agreements with 9 international oil companies including: Chevron, Conoco ...

OilVoice Press - OilVoice


Posted 10 months agoPress > CNOOCChina National Offshore Oil CorporationChevron +11
All posts from oilvoice