North-east firm ROVOP has secured £20million from multinational private-equity fund Cordiant Capital.
The subsea robotics specialist plans to use the cash to invest in its fleet and people, with the company charting a course for further growth.
Headquartered in Montreal, Canada, Cordiant is a leading manager of global infrastructure and real assets.
Stephen Foss, co-head of energy transition infrastructure at the fund, said: “ROVOP is a company with great momentum and we’re excited to be supporting them on the next stage of their growth journey.
“We firmly expect infrastructure service providers like ROVOP to continue thriving as the desire to develop autonomous, low-cost based means of power generation and expansion of digital communication as they continue to grow in importance.”
Last year, private equity firm Bluewater took full ownership of ROVOP, which is among the world’s largest independent remotely operated vehicle (ROV) solutions providers.
The company has its global headquarters in Westhill.
The Press & Journal reports that the cash from Cordiant will allow ROVOP to continue capitalising on the current uptick in energy projects, helping the firm to secure new contracts.