UK-based offshore technology company Beam has entered administration less than a year after its launch, following a failed equity raise and an unsuccessful sale process, according to a statement from RSM UK.
David Shambrook and Damian Webb of RSM UK Restructuring Advisory have been appointed as joint administrators of the company, which was formed in 2024 through the merger of Rovco and Vaarst. Beam, which operated under the trading name Rovco Ltd, specialised in AI-driven autonomous systems for robotic ships and subsea vessels, providing services primarily to the offshore wind sector.
The firm, headquartered in Bristol with additional offices in Scotland and the United States, filed a notice to appoint administrators in late April after efforts to secure new investment or complete an accelerated business sale failed.
Upon the administrators’ appointment, 162 of Beam’s 195 employees were made redundant. The remaining staff are being retained to assist with the ongoing administration process.
“The administrators are currently exploring different options to maximise returns for creditors and preserve jobs for staff where possible,” the company said in a statement.
Beam had positioned itself as a technology innovator in offshore energy, leveraging artificial intelligence and autonomy in marine robotics to support renewable energy infrastructure. The company underwent a rebranding last September, uniting its commercial and R&D divisions under a single identity.
