SeaEnergy - The Offshore Wind Development Company
The only listed pure play offshore wind energy company in the UK


SeaEnergy PLC (formerly Ramco Energy plc), a Scottish public limited company, and its subsidiaries and associates form an energy group, headquartered in Aberdeen, Scotland.

In September 2009 the Board announced the intention to focus the Group entirely on renewable energy, specifically offshore wind. This decision was ratified by shareholders at a General Meeting to change the name of the Company to SeaEnergy PLC. The Group's legacy oil & gas assets will be disposed of over time in an orderly manner designed to maximise value for SeaEnergy PLC shareholders.

The renewable energy operating subsidiary SeaEnergy Renewables Limited has secured two offshore wind farm sites in the Scottish Round and is bidding for further sites in the UK Round 3. The Scottish sites are Beatrice (circa 920MWs), in joint venture with SSE subsidiary Airtricity and Inch Cape (circa 905MWs), in joint venture with RWE subsidiary npower. In each case, SeaEnergy has a 25% interest.

UK round three bids have been made in joint venture with EDP Renewables of Portugal.

The Greater Gabbard development recently achieved transaction valuation multiples when interests in that project were sold at the consented stage and immediately prior to construction , both during 2008. Those transactions achieved prices of approximately 157,000 and 567,000 per MW, respectively and provide a recent precedent which Ramco shareholders should be aware of. If these values are applied to the 456 MW's which SeaEnergy has secured in the Scottish Round, this would imply values of approximately 72 million and 259 million, respectively for the business, should those projects develop to the consenting and construction phases.

Legacy Oil & Gas Interests

The Companys portfolio of oil and gas interests are either minority stakes or non-operated assets and it is the Boards intention to dispose of these interests in an orderly manner over time. The Board does not expect that any further significant funds will be committed to the oil and gas assets unless required, in the opinion of the Directors, to preserve their value, and therefore shareholder value, ahead of any realisation.


Mesopotamia Petroleum Company (MPC)

The Company holds a 32.67 per cent stake in an associated company, MPC, of which Stephen Remp is currently Chairman. In February 2009 MPC signed a JV agreement with IDC, the Iraqi state-owned drilling company, to create IOSCO. We announced on 8 July that IDC had ended the IOSCO JV as MPC had failed to meet a funding deadline. The MPC Board remains as committed as ever to building a presence in Iraq and since that date has been pursuing the re-instatement of the JV. The Board of MPC believe that the market opportunity for delivering shareholder value in Iraq, through the establishment of an oil service JV that is focused on drilling high productivity wells and increasing Iraqs oil production, remains highly attractive.

IDCs decision to end the JV obviously had a negative impact on MPCs fundraising process but considerable efforts are continuing to be made by MPC, which is advised by JP Morgan Cazenove, to secure the funding, conditional on the re-instatement of the JV. Discussions with potential investors and IDC are on-going.

In addition, a number of new and promising opportunities have been brought to MPC and are currently being evaluated. Reaching a satisfactory conclusion may take longer than we might hope but the Board believes it will be time well spent. Further updates will be issued as and when developments materialise.

Lansdowne Oil & Gas plc

The Company currently holds a 36.26 per cent interest in Lansdowne which is itself AIM listed. In 2007 The Company granted an option over its interest in Lansdowne to LC Capital Master Fund (LC), and any disposal of our current holding will have to be arranged in conjunction with LC and as a result no decision has been made by the Board that this interest is for sale, at present.

SOCAR arbitration

The Company is pursuing a claim against SOCAR relating to rights connected to the shallow water Gunashli Field in Azerbaijan. An arbitration hearing has been scheduled for October 2009 in Stockholm and the outcome is expected to be known before the year end.

Eagle HC Limited

Eagle is owned 100 per cent by The Company and has royalty interests in nine North Sea blocks. Whilst none of the blocks are currently producing, two have had hydrocarbon discoveries drilled on them.

Other Oil & Gas interests

The Company holds a small royalty interest onshore Bulgaria, over acreage shortly due to commence production, and an interest in acreage offshore Montenegro, which is currently the subject of a dispute with the Montenegrin authorities. It is expected that as the Bulgarian acreage moves into production and the royalty starts to generate cash flow that there will be buyers for the royalty. It is unlikely that we will find a buyer for our interests in Montenegro unless and until the dispute is successfully resolved.

another steady rise

i would not wanna be outta this when the sale rns arrives - yeeeeeeeeeeehaaaaaaaaaaaaaaaaa

yes satisfying day here! blue every day this week would suffice! gla

I hope I'm not going to regret this but i bought a few of these Friday....holding gibby responsible.....looking ok at mo so taken finger off the trigger for the mo gib, would you want both barrels or one if the wheel comes off??.,.

baler - i am confident here - if it goes belly up which imo is very unlikely we'll both be in the doings - however extremely decent of you to give me a choice on the qty of barrels - do you mind if i defer the answer lol! by all accounts the sale is at worst on schedule - but according to various chatter actually a bit ahead of schedule - we all want the rns sooner rather than later for obvious reasons - but it could leterally be anytime - and i really would not wanna be out of sea then - i kid you not - one day rodney one day!! lol

have a good evening

or even literally lol!

My expectation is circa 200million for SERL and an sp in the region of 3.

Balerboy, did gibby hold a gun to your head to make you purchase. If not then the only one you should be pointing those barrels at is behind the butt. LOL.

LOL: Unless gibby is as big as a barn door...I'd miss anyway.,.

i can breathe easy then!! lol

dont miss out here - now june - wait will be over soon - yeeeeeeeeeehaaaaaaaaaaaa!

satisfactory day at the office lol

roll on rns - ticking up nicely to anywhere between 120 to 200 imo and rather quickly

gla

i would not wanna be outta these over the weekend or tomorrow morning! lol

i'm in gibby, and in profit so keep on going all the way to the SEA side.,.

good stuff baler - we'll keep going all the way to the SEA side lol!!! a SEA of gold tickets!!! there is a whole load of stuff going on here aside from the sale - exciting times ahead and very soon - kerrrrrrrchinnnnnnnnnnnngggggggggggggggggggg!!

have a great weekend

you too.,.

Conditional Agreement for disposal of SERL

SeaEnergy PLC is pleased to announce that it has reached agreement to dispose of its entire interest in SeaEnergy Renewables Limited ("SERL") to Repsol Nuevas Energias SA ("Repsol")(the "Disposal") in a deal which values SERL, created just under three years ago, at an enterprise value of approximately GBP50 million.

sp down 40%?

Yes - its amazing the people bleating on about this on other boards - smoke and mirrors - may find some support @40p - which is where it was at the start of May!.

It means SeaEnergy will be left with 29.1 million after repaying loans to the LC Capital Master Fund.

Market cap 42 mill.......surley its over priced at present hence the drop

Not going down.

RNS Number : 9216H

SeaEnergy PLC

06 June 2011

Date: 6 June 2011

SeaEnergy PLC

The Crown Estate signs Agreement for Lease for Scottish wind farm

SeaEnergy PLC today announced that its subsidiary SeaEnergy Renewables Inch Cape Limited (SERICL) has today signed an Agreement for Lease with The Crown Estate Commissioners which will lead to the development of around 905 megawatts of offshore wind generation capacity off the Angus Coast.

SERICL is currently a wholly-owned subsidiary of SeaEnergy Renewables Limited (SERL). Repsol Nuevas Energias SA (Repsol) has today announced the acquisition of SERL following its divestment by SeaEnergy PLC, subject to shareholder approval. Following the conclusion of this transaction, it is intended that the Inch Cape site will be developed by a joint venture between Repsol's New Energy Unit and EDP Renovaveis.

Inch Cape is one of six sites in the Scottish Territorial Waters Leasing Programme deemed suitable for development following publication of the Strategic Environmental Assessment and Post Adoption Statement by the Scottish Government in March of this year. The 150 km(2) site is situated between 15 and 22 kilometres east of the Angus Coastline and will have an indicative capacity of 905MW - enough to supply power for around 680,000 homes.

The Agreement for Lease grants the exclusive right to develop wind farms on the site subject to obtaining the necessary consents. The companies will now continue to work on the preparation of a Consent Application, including an Environmental Impact Assessment, which is expected to be submitted to Marine Scotland in 2013.

The Inch Cape site was originally awarded in 2009 to a consortium comprising RWE npower renewables (npower) and SERL. Following npower's decision to exit from the project in 2010 due to the scale of its other renewable generation commitments, The Crown Estate agreed to directly invest over GBP1 million in Inch Cape to secure the future of what is a key project in the development of Scotland's offshore wind industry. The Crown Estate's investment was used to fund key surveys and reports.

Gareth Baird, Scottish Commissioner of The Crown Estate said: "This investment demonstrates the critical role played by The Crown Estate in helping drive the Scottish offshore wind industry, in line with one of the Scottish Government's key objectives. The Crown Estate's structure and diverse UK portfolio makes this investment possible and has enabled a Scottish based developer to attract investment into the Scottish economy from two international developers."

Joel Staadecker, CEO of SERL said: "Inch Cape is a tremendously well situated site with great wind resource potential, and thanks to The Crown Estate we have been able to continue to progress the project without any delay. The new joint venture between Repsol and EDP Renovaveis will now allow us to bring this important part of Scotland's offshore wind portfolio online."

-Ends-

how annoying - what was supposed to be a short to medium term has turned into medium to long for me!!! at least they have cash and prospects - can only hope for a counter bid from someone like scottish power etc - if you are able to hold this will be good - also:

http://www.proactiveinvestors.co.uk/companies/news/29037/seaenergy-boss-remp-lauds-deal-made-in-heaven-29037.html

SeaEnergy boss Remp lauds deal made in heaven
2:51 pm by Jon Mainwaring
SeaEnergy Marine will focus on supporting the offshore wind industry Steve Remp, boss of marine wind and oil business SeaEnergy (LON:SEA), told Proactive Investors that he expects the proposed deal announced today to dispose of the companys 80.13 percent interest in its offshore wind farm business SERL to be accepted by shareholders.

Were very confident that the shareholders will approve it. This is a deal made in heaven, said the firms executive chairman. It means weve been paid during the past few years to learn everything we can about offshore wind. Thats how I see it.

The deal between SeaEnergy and Spains Repsol Nuevas Energias values SERL, a business which Remp describes as having been created out of nothing but a concept three years ago, at 50 million. After transaction costs SeaEnergy will retain net proceeds of 29.1 million, following a repayment in full of loans LC Capital Master Fund and EDP Renoveis of 6.9 million.

Later this morning the firm announced that SeaEnergy Renewables Inch Cape a subsidiary of SERL had, in fact, signed a leasing deal with the Crown Estate Commissioners that will lead to the development of around 905 megawatts of offshore wind generation capacity off the Angus coast, east Scotland. Following the conclusion of the deal with Repsol, it is intended that the Inch Cape site will be developed by a JV between Repsols New Energy Unit and EDP Renoveis.

Remp says the deal gives SeaEnergy a lot more flexibility. It allows us to do several things. It allows us to stay in renewable and it allows us to stay in oil and gas. I was always reluctant to leave oil and gas, and now we can stay in this sector.

SeaEnergy which changed its name from Ramco in the autumn of 2009 retains interests in the oil and gas sector through investments in Lansdowne Oil & Gas and Mesopotamia.

On the renewable side of things, the firm has been developing SeaEnergy Marine for the past year. This business is pursuing its plans to construct an operations and maintenance vessel that is aimed specifically at maximising the time that offshore wind farm developers can put technicians onto offshore turbines so reducing periods when turbines are not producing electricity.

Meanwhile, SeaEnergy Marine is also negotiating a strategic cooperation agreement with Nantong COSCO Ship Steel Structure to explore construction opportunities for steel substructure jackets for use with deepwater offshore wind turbines.

Expertise in building platforms at sea will be much sought after by those constructing offshore wind farms, according to Remp. Every single oil and gas platform is different, and I have worked on a lot of them. Its the same with offshore wind turbines, he said.

Meanwhile, part of todays disposal agreement includes a deal between EDP Renoveis and SeaEnergy to explore arrangements for the supply by SeaEnergy Marine of operations and maintenance vessels, field infrastructure and equipment installation vessels for offshore windfarms.

One of the aspects of this deal is the strategic collaboration between us and EDPR and you will see us duplicate this kind of relationship with a number of major companies, said Remp.

Indeed, he added: Ive never in all my years at Ramco and now SeaEnergy experienced a time when we have so many discussions going on with alliance and joint venture partners.

In spite of Remps upbeat tone, investors were less enthused about the deal. At 2:28pm today the shares were down 41 per cent at 40.6 pence each.

Broker Ambrian Capitals Gurpreet Gujral wrote in a note released earlier today that SeaEnergys sale of its interests in SERL provides it with the much-needed capital to build out its Marine business, which we believe is likely to generate shareholder value quicker than the offshore wind assets.