Subsea technology company Rovco announced that it has generated £10.5 million ($12.8 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 £450,000. This marks an increase of over 2,000% on its 2017/18 performance. The work includes long term subsea framework agreements, technology platform sales and research grants from Innovate UK and the Oil and Gas Technology Center. This has been generated alongside numerous remotely operated underwater vehicle (ROV) inspections and hydrographic surveys primarily to offshore wind farms and other tier 1 service companies in the UK and Asia markets.
The organization 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, “We have dedicated and invested a huge amount of time and effort into developing innovative technology solutions for our clients. 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 enivonmental benefits.
“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 center 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.”
Investing in the development of real-time 3D systems and artificial intelligence for marine robotics, the company is able to deliver 3D and deep learning based solutions. By retrofitting smart cameras to any subsea vehicle Rovco effectively gives older or smaller ROVs or autonomous underwater vehicles (AUV) the ability to provide the highest quality data while connecting them to the cloud to provide more flexible, efficient and cost-effective workflows.