Remotely operated vehicle solutions provider ROVOP has secured a new $25 million senior credit facility with Cordiant Capital, the global infrastructure specialist and real asset manager.
Backed by global private equity firm Bluewater, ROVOP is known for providing its clients with services in all key offshore sectors, including the installation of infrastructure related to wind farms, gas pipelines and submarine internet cables.
“With a management team well known to Cordiant, the company is pleased to support ROVOP as it continues to invest in its fleet infrastructure and employees and enable the business to continue to capitalize on the dynamics of the offshore market very favorable by obtaining new contracts in both new build construction, dismantling, surveillance and maintenance services,” said Cordiant.
This latest investment by Cordiant through its LP credit mandates builds on existing credit facilities in solar and wind power and upstream gas in Greece, Romania and Turkey, respectively.
“ROVOP is seeing record demand for its services, and Cordiant’s investment means we are better positioned than ever to take advantage of the increased international demand for underwater robotics in both the renewable and traditional energy sectors. This investment positions ROVOP strongly for further growth as we continue to invest in our fleet and people,” said Neil Potter, ROVOP CEO.
“ROVOP is a company with great momentum, and we are excited to support them in the next stage of their growth journey. We strongly hope that infrastructure service providers like ROVOP will continue to thrive as the desire to develop autonomous media and of low-cost energy generation and the expansion of digital communication as they continue to grow in importance,” Stephen Foss, co-head of Energy Transition Infrastructure. to Cordiant Capital added.
“We are delighted that Cordiant is supporting ROVOP at an exciting time in the company’s development. This added financial strength will help support management’s ambitious growth plans,” concluded Martin Somerville, CEO of Bluewater.
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