News & media Cordiant Portfolio Company ROVOP Announces Strong Financial Performance
Cordiant portfolio company ROVOP, a leading supplier of subsea Remotely Operated Vehicles (ROVs) to the energy industry, this week released its latest set of annual accounts. The company showed a strong financial performance with global revenue surging 31% to £53M and EBITDA increasing 57% to £11M.
Cordiant, a specialist infrastructure and real assets manager, signed a USD 25M senior secured credit facility with ROVOP in April of this year.
Said Cordiant Managing Director Stephen Foss: “Cordiant was pleased to support ROVOP as it continued to invest in its fleet infrastructure and employees, and the company’s results have validated our investment thesis. Alongside the strong financial performance, the company increased its workforce by 17% in a number of key areas and saw a notable increase in work delivered outside of Europe. This speaks well of the company’s capacity to meet the rising global demand for its services.”
Overall demand for ROVOP’s services is indeed increasing rapidly, reflecting significant activity levels across the energy sector – a trend that is expected to continue. In particular, the share of work delivered in the energy transition space in projects such as offshore wind and fibre cable laying now accounts for 25% of ROVOP’s total revenue.
Said ROVOP CEO Neil Potter: “ROVOP continues to go from strength to strength thanks to a very successful FY 22/23 with positive changes to all key financial metrics. That strong growth performance has continued into the first six months of the current financial year. We are committed to investing in every aspect of the ROV project lifecycle, from our people and their skills to our world-class fleet of vehicles, to ensure first-rate outcomes for our clients. This focus has resulted in numerous long-term, high-value contracts extending over the next few years.”
ROVOP is backed by Bluewater, the international specialist energy private equity firm.
About Cordiant Capital
Cordiant is a specialist global infrastructure and real assets manager with a sector-led approach to providing growth capital solutions to promising mid-sized companies in Europe, North America and selected global markets. Since the firm’s relaunch in 2016, Cordiant–a partner-owned and partner-run firm–has developed a track record of exceeding mandated investment targets for our clients.
Cordiant focuses on the next generation of infrastructure and real assets: sectors (digital infrastructure, energy transition infrastructure and the agriculture value chain) characterised by growth tailwinds and technological dynamism. In addition, Cordiant applies a strong sustainability and ESG overlay to its investment activities.
With a mix of managed funds offering both value-add and core strategies in equity and direct lending, our sector investment teams (combining seasoned industry executives with traditional private capital investors) work with investee companies to develop innovative, tailored financing solutions backed by a comprehensive understanding of the sector and demonstrated operating capabilities. In this way, Cordiant aims to provide value to LPs seeking to complement existing infrastructure equity and infrastructure debt allocations.
Cordiant has offices in Montreal, London, São Paulo and Luxembourg.
About ROVOP
ROVOP is a global ROV (Remotely Operated Vehicle) specialist and one of the largest independent providers of ROV services, utilising high performing assets and personnel to deliver exceptional subsea operations to the oil & gas, offshore wind, and utilities industries.
The company’s track record and market reach in the subsea robotics services has led to ROVOP becoming the partner of choice for major players in multiple sectors.
Backed by specialist energy private equity firm Bluewater, ROVOP is headquartered in Aberdeen and services every corner of the world, with offices internationally including the US (Houston), APAC (Singapore) and the Middle East (Dubai).
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Brunswick Group
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CordiantCapital@Brunswickgroup.com
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