Rotech’s senior management has successfully completed a management buy-out (MBO) of the Rotech group of companies in a move that is expected to strengthen the company’s position in the subsea mass-flow excavation market.
Following the MBO, the group’s three operating companies – Rotech Subsea, Rotech Engineering, and Rotech Fabrication – will be headed up by continuing directors Dr Don Stewart, Stephen Cochrane, Martin Graham and Steve Aitken with the support of Mike Hill, who continues as chairman.
“Despite the challenges facing the off-shore industry we are pleased to be delivering the growth of our subsea business particularly in the offshore renewables and power cable sectors,” said Stewart.
“As the new owners we intend to deliver our ambitious and fully-capitalised business plan, focused on the growth and development of our subsea excavation business. The new company structure sees us boast a strong balance sheet, enabling the growth of the new business which will see Rotech Engineering continuing to develop innovative new designs, Rotech Fabrication building the new fleet, and Rotech Subsea operating these state-of-the-art tools with an excellent on and off-shore team.”