Subsea technology company Rovco, said it has generated £10.5 million of sales and awards through technology provision, research grants, data collection, and surveying projects over the last 12 months.
The Bristol-headquartered company, which has also recently opened an office in Aberdeen, confirmed the news that it had grown substantially from the previous period where revenue was £450k.
The work includes long term subsea framework agreements, technology platform sales and research grants from Innovate UK and the Oil and Gas Technology Centre.
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, the company said.
The organisation, which employs 35 people, also introduced its ‘time-saving and automation technology’ to the global oil and gas industry, showcasing its machine learning and computer vision systems to several oil majors.
Brian Allen, CEO of Rovco, said: “The majority of the projects have been for offshore wind farms, where we have significant delivery experience. We have also secured some major oil and gas trials and are looking to expand further in this arena. 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.”