M² Subsea Snaps Up 32 Best-In-Class ROV Assets following Investment
A recently formed subsea services business has secured a substantial injection of private equity investment to acquire a fleet of 32 best-in-class ROVs (remotely operated vehicles).
Aberdeen and Houston based M² Subsea Limited has attracted the investment from a fund advised by Alchemy Special Opportunities.
M² Subsea is set to become one of the largest independent providers of ROV services globally and offer its customers safe, cost-effective solutions for inspection, repair, maintenance, decomissioning and light construction.
The recently-established business expects to create at least 50 onshore and 100 offshore jobs operating primarily in the North Sea, Gulf of Mexico, West Africa and eventually Asia Pacific and the Middle-East by the end of 2017.
Leveraging the experience, expertise and unrivalled contacts of the senior management team, M² Subsea offers an independent service that is focused on delivering best value while reducing cost and risk, to meet the demands of the low oil price environment.
Mike Arnold is heading up the business; he brings 35 years’ experience in the subsea industry as original founder of Rovtech as well as Hallin Marine UK and Bibby Offshore’s ROV services unit. He is joined by a strong management team of other subsea veterans including Mark Wood and Mike Winstanley.
Mr. Arnold said: “The time is absolutely right for a new ROV services provider with a fresh approach that can, through experience, expertise, the correct asset base and lean management, dramatically reduce both cost and risk whilst continuing to provide a professional and quality service. Key to this will be the company’s collaboration with vessel owners and operators, helping them to maximise utilization of vessels and offering competitive solutions to meet our clients’ demands.”