OIL and gas industry deal-maker Euan Tait has joined the management team of ROVOP as the subsea vehicle specialist mounts an expansion drive in spite of the crude price plunge.
Mr Tait has become commercial director of Aberdeen-based ROVOP following a career in which he has held senior roles in an independent oil and gas firm and the corporate finance and banking sectors.
Steven Gray, chief executive of ROVOP, said: “Euan brings more than 10 years of commercial experience to ROVOP. His network, knowledge of the industry and blend of energy and structured thinking will undoubtedly strengthen our senior team.”
The appointment follows a successful period for ROVOP which has won contracts worth more than £2.5m in recent months against a tough market backdrop.
Firms in the key oil and gas market have slashed spending in response to the fall in the oil price since June last year.
However, ROVOP has increased activity in the North Sea in the current year, helped by winning repairs and maintenance and decommissioning work.
The company’s experience shows firms are still planning to drill wells in the North Sea, although exploration and development budgets are under pressure.
It recently agreed a three year deal with an unnamed oil and gas firm to provide remote operated vehicle services and personnel for drill support on all its North Sea assets.
ROVOP looks to have increased turnover in the year to September compared with the preceding period, when sales totalled £15m.
The North Sea accounts for around 30 per cent of its business.
ROVOP also works in areas like offshore wind power.
In April the company secured £10m expansion funding from the Business Growth Fund and opened a Western Hemisphere headquarters in Texas. It sees scope to win lots more business off the USA, where firms are still investing heavily in deep waters.
The fund’s Mike Sibson said it was a great time to be investing in ROVOP. He noted increasing amounts of equipment is being installed on the seabed around the world, encouraging demand for construction and maintenance support.
Mr Tait joins ROVOP after working in the corporate finance team in KPMG. He was formerly commercial director of Bridge Energy, which expanded through acquisitions and was sold for £100m in 2013. Mr Tait has also worked in acquisition finance for Bank of Scotland and in corporate development for Barclays.
ROVOP’s previous commercial director, Moray Melhuish, has become business development director.
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