A Scottish remote controlled submarine specialist has raised £10m expansion funding in spite of the downturn in the key oil and gas market.

Aberdeenshire-based ROVOP secured the investment from the Business Growth Fund, which is backing an ambitious growth drive by the firm.

ROVOP plans to use the funding to help expand its fleet of remote operated vehicles to 50 over the next three years, from 15 currently. The vehicles can be used to complete work on subsea facilities such as cables and valves.

The growth fund is investing in ROVOP at a time when the oil and gas services market is under significant pressure following the slump in the crude price.

Firms that help companies produce oil and gas are being squeezed as operators looks to cut the cost of operating in areas like the North Sea.

ROVOP has developed significant exposure to the oil and gas and decommissioning sectors in the last 18 months after focusing on supporting windfarms.

However, the company said it has increased activity supporting North Sea oil and gas firms since the price of crude peaked in June.

The company is targeting rapid expansion in areas like the Americas, where oil and gas firms are investing heavily in deep water areas.

It has made good progress since moving into the American market during the financial year to September.

Chief executive Steven Gray said: "Demand for ROVOP's expertise, technology and service continues to grow on an international scale and BGF's investment is testament to that."

The fund's Mike Sibson said: "BGF's investment will support growth of the fleet both from the UK operation, but also in the Americas where we see significant opportunity."

He added: "It is a great time to be investing in ROVOP. The underlying market drivers are strong. More and more equipment is going on the seabed, requiring construction and maintenance services."

Mr Sibson said the fund can invest through short term market cycles. The investment in ROVOP should help the company offer new technology, new ways of working and lower overall costs.

ROVOP also supports firms working in areas such as telecommunications as well as renewable energy.

The Westhill-based company has made notable progress since Mr Gray founded it in 2011. He worked previously as a lawyer at Dundas & Wilson and in the private equity industry with Lloyds Development Capital.

ROVOP increased sales to £15.4m in the year to September from £10.2m in the preceding period.

The company recorded £4.2m revenues in the Americas and £2m in Africa in the latest financial year, during which it made its first sales in the two markets. UK sales doubled to £2.6m from £1.3m.

The company is profitable and employs 130 people.

It recently opened a Western Hemisphere headquarters in Houston, Texas.

Mr Gray noted the company had used £5m provided by the Scottish Loan Fund in 2012 to help meet its ambitious growth targets.

The money will now be repaid to the loan fund, managed by Maven Capital Partners.

The Business Growth Fund has invested £110m in 17 companies in Scotland including ROVOP. It only takes minority stakes in firms.

The fund has invested in five Scottish firms that are active in oil services.

The £2.5 billion fund is backed by Barclays, HSBC, Lloyds Banking Group, Royal Bank of Scotland and Standard Chartered.