UNDERWATER vehicle supplier ROVOP has completed a management shake-up and secured fresh backing from investors amid tough times in the key oil and gas market.

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The Aberdeen-based company said David Lamont has stepped down as chief executive after around a year in post. He has been replaced by oil and gas sector veteran Neil Potter.

Maurice McBride will join ROVOP as chairman after acquiring over 40 years’ experience in the oil and gas industry.

The company said it had secured a new multi-million-pound investment from shareholders Blue Water Energy and BGF. This will secure its long-term future.

Mike Sibson of the bank-funded BGF said it was pleased to support ROVOP through the challenges posed by the global coronavirus pandemic and resulting oil price volatility and to ensure the business is well-positioned to recover and grow.

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Oil and gas companies operating in areas such as the North Sea have cut spending on new assets in response to the sharp fall in commodity prices triggered by the coronavirus. Some have reduced activity in order to implement social distancing measures.

ROVOP employs around 200 people in total in its Aberdeen head office and its North Sea operations.

A spokesperson for BGF said ROVOP had not made any posts redundant this year. It has placed an undisclosed number of employees on furlough.

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The Blue Water Energy private equity business and BGF provided £56m growth funding for ROVOP in December 2017.

This allowed the firm to increase the size of its fleet by 50 per cent to 24.