Rovco and Global Marine Group enter invested partnership February 2019
Bristol-based subsea technology company, Rovco has formed an invested partnership with Global Marine Group (GMG).
The move comes less than a year after Rovco was backed with a £400,000 investment from the Bristol Private Equity Club, which has enabled it to grow and further develop its technologies for use in the offshore renewable industry and oil-field decommissioning.
The latest development sees GMG securing a 13.8% share in Rovco. The partnership will see both companies work together to deliver a range of efficient, high-quality subsea solutions to improve data acquisition.
Jerry Barnes, Bristol Private Equity Club, founding member said: “We welcome this latest move which sees Rovco join forces with an innovative market leader in offshore engineering. The partnership will be of benefit to many clients of both businesses and will help the development of the technology.
“It is very satisfying to see a business that private entrepreneurs and business people in Bristol have backed take the next step in its development. We retain our stake in Rovco.”
GMG is made up of three business units – Global Offshore, CWind and Global Marine. Rovco’s latest development, SubSLAM, which replaces traditional video inspection with live 3D reconstruction technology, to obtain an accurate picture of subsea assets and environments, will be deployed from GMG’s fleet of 21 specialised crew transfer vessels. GMG’s eight cable installation and maintenance vessels which are strategically located across the globe will also be able to support IRM projects.
SubSLAM enhances the accuracy and repeatability of subsea inspection, producing submillimetric data, and providing actionable information that reduces human error. Leveraging existing and active vessels, the partnership will also streamline multiple services and optimise current offshore operations to drive down costs and increase efficiencies. The mutually-beneficial partnership will enable both Rovco and GMG to serve a wider range of customers beyond their established industries.
Following the invested partnership, Mike Daniel, managing director of Global Offshore, part of the Global Marine Group joined Rovco’s board of directors. He commented: “Our partnership with Rovco enables us to continually evolve our client-centric subsea solutions. By utilising a combination of innovation and engineering excellence, we can deliver a greater range of services to enhance our customers’ operations, worldwide.”
Brian Allen, founder and CEO of Rovco said: “This is a large step towards improving the efficiency of offshore IRM campaigns. We have industry leading data quality and the intelligence acquired will support pre-emptive asset maintenance and fault prediction, enabling customers to easily predict asset lifespan and corrosion or depletion rates. The partnership brings with it the creation of important synergies that will lead to the development of even more innovative solutions to benefit the offshore industry for years to come.”