With this acquisition, Chouest Group, owner of Edison Chouest Offshore, alongside its subsea service company, C-Innovation, will now control a fleet of over 100 ROVs and 6 autonomous underwater vehicles (AUVs).

“ROVOP has established a reputation for excellence in the ROV industry,” said new owner Dino Chouest. “This acquisition is a key part of our strategy to enhance our integrated subsea services.

“We are excited to welcome ROVOP’s talented team into our family. Their expertise and capabilities are crucial as we expand our portfolio and continue to offer industry-leading solutions to our clients.”

Bluewater first invested in ROVOP, which provides of remotely operated vehicles services for the energy sector, in 2017 through its second fund, enhancing the company’s international presence and its operations in low-carbon industries.

ROVOP has grown significantly under Bluewater’s stewardship, who in 2020 invested further in the business alongside then-part-owners BGF to secure the long-term future of the business.

At the same time, Neil Potter was made chief executive officer. Bluewater subsequently assumed full ownership in September 2022 and facilitated a $25 million (around £20m) investment from Cordiant Capital to spur continued growth.

For the fiscal year ending 31 March 2023, ROVOP reported a 31% increase in revenue, reaching £53m, and is expected to report continued growth in the following year.

Martin Somerville

Martin Somerville, MD at Bluewater, added: “We wish ROVOP and its employees all the very best under their new ownership.

“We also congratulate Neil Potter, Graeme Park and Maurice McBride on their excellent efforts to rebuild and substantially grow the business since 2020, delivering a very strong return for all stakeholders.”

Mr Potter said: “I would like to thank Bluewater for supporting ROVOP since 2017 and me personally for the past four years.

“We have achieved plenty together, including delivering on a strategy that was the groundwork for the growth we’ve delivered in recent years.”

He added: “We look forward to integrating with the Chouest family and leveraging their global resources to enhance our capabilities and expand our reach.”