Specialist energy private equity firm Bluewater has sold its stake in ROVOP, a remotely operated vehicle (ROV) services provider for the energy sector, to US-based marine transportation solutions provider Edison Chouest Offshore.
Terms of the transaction have not been disclosed.
Through its Blue Water Energy Fund II, Bluewater first invested in ROVOP in 2017, investing again alongside UK venture capital provider BGF in 2020. Bluewater assumed full ownership in 2022, facilitating a $25m investment from Cordiant Capital intended for further growth.
ROVOP reported a 31% increase in revenue, reaching £53m for the fiscal year ending 31 March 2023.
