The business success of subsea specialist ROVOP has been industry applauded after the company won the New Enterprise accolade at last night’s (Wednesday 5 February) Subsea UK business awards.Subsea UK’s coveted New Enterprise award, which represents the fourth industry accolade that ROVOP has won, recognises the success of the business in the subsea sector including overall vision, commercial performance to date and market differentiation.ROVOP, an independent company which is 100% focused on providing remotely operated vehicle (ROV) services to the oil & gas and offshore wind industries, has experienced exceptional growth since its inception with its team growing to more than 70 people within three years and more than 80% of business being overseas during 2013.Steven Gray, managing director at ROVOP, said: “To receive such acclaim from industry body Subsea UK is extremely rewarding because while we did not set out to win awards, it is a great endorsement of what the team at ROVOP has achieved.“We set out to do something a bit different after recognising a gap in the market for a specialist provider of ROV services focussing on providing the best service, using the best equipment operated by the best people. The awards we have won demonstrate that we’re standing out and making a significant impact on the subsea sector.”Through investment in its people, equipment and systems, ROVOP has become an approved supplier to some of the world’s largest oil and gas and subsea construction companies.Earlier this week, ROVOP, which is headquartered in Westhill, announced that it is set to expand its fleet of ROVs by taking delivery of four more new hydraulic work class systems, with a further four new ROVs expected later in the year.The company has invested $20million (over £12 million) in the four hydraulic Schilling HD work class ROVs, which were delivered during January, and is actively working to grow its offshore team by 50 to 110 to expand its provision of best in class ROV service to the oil and gas and offshore wind industries.ROVOP has also been awarded ISO 9001 accreditation of its integrated management system by DNV, which is a considerable achievement and underpins the company’s commitment to quality.In addition to this, ROVOP has invested in its own ROV simulator for its in-house Academy in order to further develop the training and competence of its offshore staff. Addressing the talent shortage in the subsea industry, the Academy seeks to build skill and competence in offshore personnel whatever their current career level. The £250,000 simulator enables ROV pilots to hone their skills onshore, in physics-accurate conditions.Last year, the company established its own ROV Academy which has been developed to ensure a supply of the most competent offshore personnel, predominantly pilot-technicians for its rapidly-evolving fleet of subsea remotely operated vehicles.ROVOP’s latest industry award comes after the firm scooped the Great Small Company accolade at the 2013 SPE Offshore Achievement awards and the Business Growth award at the 2012 Scottish Green Energy Awards. It was also named Promising New Businesses at the 2012 Grampian Awards for Business Enterprise awards. [mappress]Press Release, February 06, 2014
Vattenfall is inviting tenders for work on the Sandbank offshore wind farm substation construction.The contractor will be in charge of supervising the steelwork fabrication and corrosion protection of an offshore wind farm substation.The 288MW project is located in the German Bight area, around 90 kilometers west of the Island of Sylt.The wind farm, owned by Vattenfall 51% and Stadtwerke München 49%, is comprised of 72 Siemens 4 MW wind turbines.According to the developer, the construction of Sandbank is expected to commence next year. Offshore WIND staff, July 30, 2014; Image: sandbank24
Financial advisers to the legal sector have warned of twin dangers threatening to undermine law firm stability in 2015 – with the potential to cause more closures.Steve Billot, managing director at Duff & Phelps, a specialist in restructuring for high street practices, told the Gazette that firms should brace themselves for the unintended consequences of banking reform in January.That is when, under the Basel III regulation, banks will be expected to bolster their reserves to match firms’ client account balances to cope with any possible run.The impact on law firms – many of which rely on interest from client balances – could be substantial, according to Billot, as banks pass on costs.‘Banks have to put aside billions of pounds to match the assets of client balances. It has thrown a real question as to the interpretation of client account balances and how lenders will treat them,’ he said.‘Lawyers will no longer receive preferential interest rates on deposits, and in turn will no longer benefit from lower interest rates on loans they take out from lenders.’Billot said many firms have client account balances that far exceed their turnover and earned ‘substantial’ returns from the interest.‘Firms have to be aware of this problem. You don’t want to have a budget on 1 January that relies on interest from client accounts.’Meanwhile, Peter Noyce, head of professional services at accountants Menzies, told the Gazette that he fears firms have not saved enough to see off trouble in 2015 arising from the way they dealt with new tax rules governing LLPs.To comply with new rules designed to combat tax avoidance by ‘disguised employees’ of LLPs, many salaried partners protected their self-employed status by injecting capital in the LLP.Noyce said the worry is that too many firms used this windfall to sustain unviable business models and poor working capital management. ‘If that is the case, the 2014 summer of discontent has simply been put off for 12 months,’ he said.