ROV services company, Rovco, has secured Innovate UK funding which will enable the firm to carry out extensive research and development activity and perform a full feasibility study into the advancement of underwater 3D modelling technology. Once developed into a real-time inspection system this technology has the potential to revolutionise the way energy companies manage and inspect their subsea assets, potentially saving hundreds of millions of pounds in subsea inspection costs each year. The project will be 70% supported by Innovate UK and the remaining 30% will be funded by Rovco. The newly-formed company will be seeking further equity investment in the 2nd quarter 2017 as it looks to engage with subsea companies, software developers and universities across the country to become collaborative partners in the firm’s latest venture. Innovate UK is the UK Government’s innovation agency. It works with people, companies and partner organisations to identify and drive forward the technology that will help grow the UK economy. Rovco chief executive and founder, Brian Allen said: “Innovate UK’s Robotics and Autonomous Systems competition has allowed us to overcome some of the barriers that many start-ups face when trying to get their technology off the ground. “The feasibility study will allow us to begin the process of further developing real-time underwater modelling systems which can be deployed by ROVs or AUVs. High resolution 3D models of subsea assets and environments can then be generated, from which accurate measurements can be instantaneously captured. “As the subsea industry enters this new norm of a lower, for longer oil price, the need for innovative, cost reducing solutions that provide more meaningful data increases. By investing in this technology and getting it to market, we will be able to capture a true visual representation of the underwater world from which clients will be able to accurately estimate the remaining life of their subsea infrastructure and assess the integrity of their assets. At the same time vessel size and staff numbers can be reduced thereby saving costs and lowering associated risks.” Launched in September, Rovco aims to become a leading ROV and inspection company within the next three years, with expertise and capacity to carry out underwater inspection projects across the globe. Read the article online at: https://www.oilfieldtechnology.com/special-reports/20122016/rovco-awarded-innovate-uk-funding/ Embed article link: (copy the HTML code below):
Remotely operated vehicle (ROV) provider Rovco has won Innovate UK governmental funding to allow it to extensively test and develop underwater 3D modelling technology in a feasibility study. Should the study be successful, the real-time inspection system could transform energy companies’ management of their subsea assets, potentially leading to significant savings in inspection costs. Innovate UK will support 70% of the project, with 30% to be funded by Rovco. Further equity investment will be sought in the second quarter of 2017 from subsea companies, universities and software developers for further expertise.