Aberdeen's Rovop surges to £13.3m profit under US billionaire's ownership
Aberdeen subsea robotics specialist Rovop has posted soaring profits in its first accounts since being taken over by a US billionaire.
Westhill-headquartered Rovop Limited – one of the world's largest providers of remotely operated vehicle (ROV) services – recorded a £13.3 million pre-tax profit in the nine months to December 31 2024.
This is up significantly from the £3.1m pre-tax profit figure recorded for the year ending March 31 2024.
Turnover for the nine-month period was £54.4m – up from £53.7m for the previous 12-month period.
Newly filed accounts at Companies House offer the clearest look yet at how Rovop has been doing financially since it was bought by C-Rovop LLC, part of Louisiana-based Edison Chouest Offshore group
The company is owned by US billionaire Gary Chouest, who is worth around $2 billion.
The financial boost follows a string of major contract wins and rising demand in both oil and gas as well as offshore wind sectors, with renewables now accounting for a 'significant portion' of Rovop's revenue.
The takeover ended a seven-year run under global private equity firm Bluewater, with chief executive Neil Potter hailing the change in ownership as a 'remarkable opportunity' when it was first announced in May.
With more than 200 offshore vessels, the Chouest group has helped Rovop access new global markets, enhancing operations in Houston, Singapore and Dubai.
This international growth has been accompanied by a rise in staffing, with the workforce increasing from 272 to 311 during the reporting period.
The accounts also reveal that the highest-paid director received £2.24m during the nine-month period.
Additionally, the company incurred £971,000 in exceptional administrative expenses, paid to a company linked to a director of Rovop's parent company.
Similar expenses in the previous year were £137,000. Rovop noted it had used a reporting exemption that allowed it to omit details of transactions with wholly owned subsidiaries.
Founded in 2011, Rovop now plays a key role in the energy transition, supporting subsea construction, inspection, maintenance and cable lay projects across offshore renewables.
The subsea firm flagged both opportunity and risk in global energy markets, noting the impact of geopolitical factors on oil prices.
Director Dane Dundas added: 'The emerging balanced view towards energy security presents a positive outlook for both traditional and new energy, and the group is well positioned to serve both sectors.
'The directors are confident that the prospects for the market for Rovop's services, coupled with the wider global customer base that has been built up over the last two years, will continue to drive growth in the business.'
In his report, he said the company continues to generate much of its revenue from offshore wind construction and cable lay.
'Activity on the vessels on which our assets are placed continues to be strong and looks set to continue for the foreseeable future,' he said.
'The change in ownership post year-end also brings new opportunities for growth, allowing Rovop to utilise assets and service personnel controlled by the wider group.'
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