Rovco announce that we have generated £10.5million of sales and awards through technology provision, research grants, data collection, and surveying projects over the past 12 months.
Last year we brought in £450k and opened a second office in Aberdeen. Growing sales from £450k to £10.5million this year marks an increase of over 2000% on those 2017/18 figures. The work includes long term subsea framework agreements, technology platform sales and research grants from Innovate UK. This has been generated alongside numerous ROV inspections and hydrographic surveys primarily to offshore wind farms and other tier 1 service companies in the UK and Asia markets.
As an organisation that employs 35 people, we have also introduced our state-of-the-art time-saving and automation technology and showcased our machine learning and computer vision systems.
Brian Allen, CEO said: “We have dedicated and invested a huge amount of time and effort into developing innovative technology solutions for our clients. The majority of the projects have been for offshore wind farms, where we have significant delivery experience. We have also secured some major trials and are looking to expand further. We believe, that as it develops further, our technology can fundamentally reduce requirements for large offshore DP2 vessels and bring impactful cost and environmental benefits.
“The project awards which are being delivered globally, are a real show of support and confidence in our abilities to provide state-of-the-art, best practice, subsea solutions to our clients. Many of the projects encompass our unique live 3D computer vision system, SubSLAM, and/or our AI capability. We deliver data through our in-house data command centre allowing our customers to truly make the most of high accuracy machine learning analysis and live 3D point clouds of their subsea structures. This enables real-time, data-driven, accurate decision making.
“We are passionate about what we do and bringing brand new, impactful solutions to our industry is incredibly rewarding.”
Offshore wind now represents nearly 70% of income streams, and technology grants over 30%. While we are moving away from reliance on grants, Rovco’s revenues from technology provision is growing rapidly and the company expects to be EBITDA positive within the next 12 months.