Rovco Sees 286% Revenue Increase, Significant Employee Growth, New Technology Milestones, Key Renewable Contracts and More
We are happy to announce a record year for 2020, delivering £7.5 million (US$10.3 million) in revenues – a 286% increase on 2019.
2020 also saw the winning of new contracts and growth of backlog that now stands over £16 million ($22 million) reflected in future revenues. We have seen dramatic growth in employees, rising from two in 2016 to 53 at the beginning of 2021.
Brian Allen, our CEO and founder, commented: “2020 has undoubtedly been a challenging year for all of us in the energy industry. Yet, this performance is a testament to Rovco’s outstanding team who have really gone above and beyond to deliver great results and I’m honoured to be working alongside them. We have been lucky to have over 75% of our revenues coming from offshore wind, with this sector more than making up for any slowdown in oil & gas and decommissioning.”
He continues: “With Rovco now involved in almost 50% of the UK’s offshore wind farms we look forward to leading the way in delivering innovation, reducing risk, supporting smart asset development and bringing greater efficiencies to marine projects in 2021 using autonomous, subsea and aerial robotics. Our best is yet to come.”
Key technology milestones during 2020 include a ‘world first’ – our SubSLAM Live, a real-time intelligent data collection system that through 3D streaming technology allows customers to view live 3D point clouds on any device in the world with millimetric precision. This allows onshore engineers to track progress from the comfort of their own offices. The solution is supported by our proprietary software system Ocean Insight, which through fast machine learning retraining enables very efficient subsea asset inspection and analysis validation.
Other key wins during 2020 include:
• A multi-million-pound contract with CWind for hydrographic and ROV work on the East Anglia ONE offshore wind project with our team involved in subsea inspection and survey work on all subsea structures;
• A multi-million-pound contract for a detailed seismic and hydrographic survey on Erebus, a planned 96MW offshore floating wind farm 45 km off the coast of Wales, operated by Blue Gem Wind, a joint venture between Total and Simply Blue Energy. The survey consists of a detailed geophysical and environmental site investigation to assess the seabed and subsurface conditions.
• A multi-million-pound framework for hydrographic and ROV work on Beatrice, a 588MW offshore wind farm operated by SSE and Scotland’s largest.
• The purchase of a Saab Seaeye Leopard to add to our growing fleet of ROVs and expand its subsea capabilities.
• Recognised with 9 industry and trade awards including Subsea UK’s Innovation & Technology Award and the Tech South West Company of the Year Award.
Formed in 2015, we are changing the way offshore work is performed and is investing heavily in further research and development of autonomous robotics. We have the resources and expertise to work across the globe, using cutting edge technology to drive time and cost-saving project efficiencies.