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.

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Incredibly undervalued.....just has to climb.....fair value would mean that the sp has to double almost !.

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Audited Results.

Financial Highlights:

· Disposal of the Company's interest in SeaEnergy Renewables Limited (SERL) in June 2011 resulting in gain of £32.8 million.
· Profit for the year of £25.3 million (2010: loss of £5.7 million).
· Earnings per share 37.08 pence (2010: loss per share 7.65 pence).
· Net assets at 31 December 2011 £27.6 million (2010: £1.3 million)
· Cash position at the end of 2011 of £21.9 million (2010: £0.1 million).
· Proposed return of value to shareholders of 10 pence per share (2010: nil) equating to £6.9 million.

Found this audio interview for Sea Energy it worth a watch

http://www.brrmedia.co.uk/event/97873/john-aldersey-williams-chief-executive

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Tender Offer

The Company announces that it is today publishing a circular to the shareholders of the Company (the "Circular") detailing the proposal to return surplus cash to Qualifying Shareholders by way of a proposed tender offer, pursuant to which Investec Bank plc ("Investec") will purchase, as principal, up to 19,197,442 Ordinary Shares, representing approximately 27.78 per cent. of the Company's existing issued Ordinary Shares at a price of 36 pence per Ordinary Share, which represents a premium of 32.7 per cent. over the closing mid-market price of the Ordinary Shares on 5 July of 27.12 pence, being the last dealing day before the date of this announcement. Investec has been granted an option to require the Company to purchase from it such Ordinary Shares (the "Repurchase"), which, if purchased by the Company, will then be cancelled.

If the maximum number of Ordinary Shares under the Tender Offer are acquired, this will result in an amount of approximately £6.9 million being paid to Qualifying Shareholders who accept the Tender Offer, which equates to 10 pence per Ordinary Share in issue immediately prior to completion of the Tender Offer.

The authorisation of the Repurchase and, accordingly, the implementation of the Tender Offer, requires, inter alia, the approval of Shareholders. Therefore attached to the Circular is notice of General Meeting of the Company to be held at the Marcliffe at Pitfodels, North Deeside Road, Aberdeen AB15 9YA on 25 July 2012 at 10.00 a.m.

Tender Offer Update.

Not sure about this at all.....

SMALL CAPS FOCUS: Sea Energy could be a steal as oil giants take up its surveillance equipment to monitor rigs remotely

By Ian Lyall, Proactive Investors

PUBLISHED: 11:03, 16 December 2013 | UPDATED: 11:50, 16 December 2013




http://www.dailymail.co.uk/money/investing/article-2524508/BP-Chevron-Total-monitor-North-sea-oil-rigs-new-remote-controlled-surveillance-equipment-Sea-Energy.html

SMALL CAPS FOCUS: Sea Energy could be a steal as oil giants take up its surveillance equipment to monitor rigs remotely

By Ian Lyall, Proactive Investors

PUBLISHED: 11:03, 16 December 2013 | UPDATED: 11:50, 16 December 2013




http://www.dailymail.co.uk/money/investing/article-2524508/BP-Chevron-Total-monitor-North-sea-oil-rigs-new-remote-controlled-surveillance-equipment-Sea-Energy.html

SeaEnergy's Return to Scene making waves with big oil

By Ian Lyall

December 30 2013, 12:00pm
Remote access: Not only does the system allow the collation of panoramic pictures taken from numerous vantage points on board platforms, there is also the ability to attach pictures of, say, corroded joints, or damaged equipment.


A sophisticated piece of software designed for crime scene management is proving a surprise hit with the owners and operators of North Sea rigs.

Return to Scene (R2S), which collates 360-degree images used by forensic teams for court presentations, is carving out lucrative niche with big oil.

It is also proving a huge boon for AIM-listed SeaEnergy (LON:SEA), which took control of the company 15 months ago.

Among its client list are blue chip companies such as BP, Chevron and Total that want to keep tabs remotely on the state of their rigs.

Not only does the system allow the collation of panoramic pictures taken from numerous vantage points on board platforms, there is also the ability to attach pictures of, say, corroded joints, or damaged equipment.

There is a facility to annotate the picture, while the product also segues neatly with much of the technical data held on the rig.

And there is also the capacity to run a 3-D simulation of work to be carried out or new installations planned just to make sure there are no physical impediments to the work not detected on the initial two-dimensional plans.

All this has the capacity to save oil companies significant sums of money.

It obviously costs thousands to fly individuals out to the middle of the sea, and often these visitors tie up bed space that might be occupied by vital members of the crew.

It seems a small issue, but frequent inspection visits of this kind cause untold disruption to the efficient running of the operation.

However, the larger firms see R2S more as a means of boosting safety.

As a system, it is versatile and easy to use, as might be expected of software designed to be operated by technically unskilled police officers rather than the force boffin.

In total, the group has over a dozen major oil and gas customers.

In the case of BP, it is thought the R2S visual asset management facility is used on around a quarter of its North Sea rigs.

It leaves SeaEnergy with plenty of headroom to grow with BP (and presumably all its other customers) as well as winning new mandates for the product.

Not just that, there are obvious uses for the technology in other remote locations around the world.

And as senior oil workers move to other jobs, so they are introducing their new employers to the system.

While the nation’s police forces have been slower to adopt R2S, there has been one fundamental upside to developing the system for crime-fighters.

That is the data encryption, which had to be secure enough to pass muster with the Home Office; in other words it is a very secure system.

This third party validation of the integrity of R2S obviously acts as a significant tick in the box for large multi-nationals worried about the safety of sensitive data.

The success of R2S has been behind an uptick in the fortunes of SeaEnergy, which also offers a maintenance and support service for offshore wind farms.

Alongside this it has legacy assets such as a 21.48% stake in Lansdowne Oil & Gas, a 40.21% interest in Iraq focused Mesopotamia Petroleum Company and a royalty interest in a number of North Sea blocks.

However, SeaEnergy’s financial transformation is allied to the R2S acquisition.

This year the business is expected to post revenues of £5mln (up from £900,000 12 months earlier) and analysts reckon it will break even.

According to the research house Edison, SeaEnergy will post sales of £7.4mln in 2014, producing a pre-tax profit of £1.8mln. And there is no end in sight to exponential this growth.

The last published results revealed the group had cash of around £5.4mln, which is the equivalent of 9.7p a share, while its stake in Lansdowne is worth £7.7mln, or 13.8p.

This means the current share price values R2S at £4.5mln, or a little over 8p a share, if you ascribe zero worth to the rest of SeaEnergy’s businesses and assets.

However, it is not quite as simple as I describe. One must remember SeaEnergy has to hand over the second, deferred payment for R2S of £4.6mln in the first half of next year.

This is based on achieving certain profit targets by February 2014 and would require R2S to report underlying earnings (EBITDA) of at least £2.5mln.

But even based on a total price tag of £10.1mln, the acquisition multiple of four times operating profit appears modest for such a high growth business, Edison points out.

SeaEnergy secures record first quarter order book for R2S

By Jamie Nimmo

February 27 2014, 10:12am
R2S's momentum has continued into 2014 with a record first quarter order book
R2S's momentum has continued into 2014 with a record first quarter order book


SeaEnergy (LON:SEA) enjoyed a successful 2013 thanks to increased demand for its offshore services from its North Sea clients.

The company, behind a technology called R2S (Return to Scene) that allows the remote control of oil rigs, said the R2S business achieved organic growth in the past year.

The division expanded internationally, completing contracts in the Gulf of Mexico and in Mexico itself.

The take-up of the R2S visual asset management service has been boosted by the introduction at the back end of last year of version 3 of the software, the company added.

The momentum, it says, has continued into 2014 and the company has secured a record order book for the first quarter, coming mainly from the UK North Sea, where it has deals with Total and BP.

R2S is on track to hit the final earn-out target for the year to the end of February.

The consultancy business has also made progress, SeaEnergy said, adding that it is in talks with a potential joint venture partner to bolster its position for tenders expected over the coming months.

Chairman David Sigsworth said: “In 2013 we achieved significant delivery across all of the strands of the strategy.

“The business has grown strongly, particularly R2S. Looking ahead, 2014 is set to be another strong year for SeaEnergy as we fully integrate R2S and grow our offering through each of our divisions.”

Trading Update

RNS


RNS Number : 0896B

SeaEnergy PLC

27 February 2014








27 February 2014

Trading Update

SeaEnergy PLC (AIM: SEA) ("SeaEnergy" or the "Company") is pleased to announce a trading update in advance of announcing its audited results for the year ended 31 December 2013, which are expected to be released in early April 2014.

R2S

Over the past year R2S has achieved organic growth and seen an increased demand for its services from a number of its North Sea clients. The business has also expanded internationally, successfully completing a number of contracts in the Gulf of Mexico and in Mexico itself. Further international expansion and roll out of the R2S technology is expected, with a number of existing clients already negotiating global framework agreements.

The take up of the R2S visual asset management offering has been boosted by the introduction, late last year, of version 3 of our unique software together with the launch of a user group for clients. A wider offering of managed services is also being studied at the instigation of existing clients.

This momentum has continued into 2014 and R2S has enjoyed a positive start to the year securing a record order book for the first quarter, coming mainly from the core business in the UK North Sea where R2S enjoys strong relationships with many oil and gas operators including Total, BP and Nexen.

As a result R2S is on target to hit the final earn-out target which covers the year to the end of February 2014.

Consultancy

The Consultancy business has made continued progress with existing consultancy contracts being extended and the range of services expanded. Our contract with DONG, the largest operator of offshore wind farms, involves developing a strategic approach to asset management and asset integrity management. Another contract, with the Carbon Trust Offshore Wind Accelerator, a group of nine international energy companies which include the world's largest offshore wind developers, involves developing a standard means of assessing performance of specialist offshore wind support vessels.

We are pleased to announce that Mark Stagg will join the consulting team as Director of Consulting next month. Mark has over eighteen years of experience in organisational learning, change management and workforce development.

Most recently, Mark has been embedded in the Maritime and Coastguard Agency leading the design and implementation of a major modernisation programme. Mark has also led the design and delivery of an industry-wide, knowledge and culture change programme aimed at senior executive level and, established the development structure for a National Oil Company that included leadership and behavioural competency frameworks. His extensive experience in organisational development and organisational learning will further expand the range of services we can offer.

The Knowledge Transfer Partnership announced last August has commenced and we are delighted with progress made so far. That project's objective is to develop operational and economic models to optimise life cycle cost of operations and maintenance strategies in offshore wind farms.

Marine

We continue to work with wind farm developers and turbine manufacturers in developing their understanding of alternative strategies for offshore wind farm operations and maintenance, and to make the case for the SeaEnergy vessel design. We are in discussions with a potential joint venture partner to strengthen our position in relation to tenders which are expected over the coming months.

The experience of the Ship Management team which joined us in the second half of last year adds significantly to the strength of our marine tenders. SeaEnergy Ship Management is actively seeking ship management contracts for third party vessel owners, and is in discussions regarding a potential joint venture arrangement which would secure their first vessels under management.

Outlook

SeaEnergy has enjoyed a successful year and we look forward to continuing this momentum. With the business being driven primarily by the impressive growth of R2S, our pipeline of potential contracts across all divisions is healthy. We have expanded our team and our knowledge base and our new product capabilities will allow us to leverage our core strengths to attract and retain customers.

Commenting on the update, David Sigsworth, Chairman, said:

"In 2013 we achieved significant delivery across all of the strands of the strategy. The business has grown strongly, particularly R2S. Looking ahead, 2014 is set to be another strong year for SeaEnergy as we fully integrate R2S and grow our offering through each of our divisions"

About time i got a bit of money back on this one........ still got a little way to go but heyho.,.

Wonder if this is going any further?
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SeaEnergy’s Return to Scene wins US$1mln Gulf of Mexico contract

By Jamie Ashcroft

June 18 2014, 8:09am
Return to Scene will ‘capture’ the Ku-S Central Processing Installation and bridge-linked satellite installations, in the Ku-Maloob-Zaap oilfield, in the Gulf of Mexico’s Bay of Campeche.
Return to Scene will ‘capture’ the Ku-S Central Processing Installation and bridge-linked satellite installations, in the Ku-Maloob-Zaap oilfield, in the Gulf of Mexico’s Bay of Campeche.


SeaEnergy (LON:SEA) subsidiary Return to Scene has won a US$1mln contract with Petróleos Mexicanos (PEMEX), Mexico’s national oil company.

Aberdeen-based Return to Scene will provide its ‘visual asset management’ system to model offshore oil and gas assets for PEMEMEX.

The system builds a virtual model of offshore installations – using high definition '360 degree' photography. This allows maintenance and performance data to be embedded, indexed and managed without physically visiting the offshore installations.

Today’s deal comes after Return to Scene carried out work for Mexican firm Petrotécnica, the company’s local partner, earlier this year.

Specifically Return to Scene will ‘capture’ the Ku-S Central Processing Installation and bridge-linked satellite installations, in the Ku-Maloob-Zaap oilfield, in the Gulf of Mexico’s Bay of Campeche.

It is anticipated that the images will be captured and integrated into the system during the fourth quarter.

"We are at a key stage in the development of the SeaEnergy Group and this is a very exciting time for us as we continue to grow our international presence,” said Bob Donnelly, SeaEnergy’s director for business development.

“We are delighted that the benefits of our technology and the efficiencies it allows for end users have been recognised by PEMEX.

“We look forward to continuing to cement and grow this relationship with PEMEX and our local partner, Petrotécnica."

Return to Scene has already worked with the likes of BP, Chevron, Total and ConocoPhillips in both the Gulf of Mexico and the UK Continental Shelf regions.

SeaEnergy wins two further ship management contracts

Fri, 08 August 2014

SaeEnergy's recently established joint venture GOSeaEnergy has secured two further ship management contracts.

The new deal will see the joint venture take over management of the Go Pegasus DP2 anchor handler, managed by Singapore-based Otto Marine, and the Go Electra DP2 multi-purpose support vessel, owned by RY Offshore Pte.

Operations director Mike Comerford said: "It is a busy and exciting time for us as a group and we are delighted to have increased the number of ships under management in such a short time frame."

The joint venture, which was created in June, enabled SeaEnergy to partner up with Singapore-based shipping company Go Offshore (GO) to manage GO's vessels in the UK and Europe.

As of 08:41 the share price had risen 5% to 31p.