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.

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.

Trading Update

RNS


RNS Number : 0895P

SeaEnergy PLC

14 August 2014










14 August 2014

SeaEnergy PLC

TRADING UPDATE





SeaEnergy PLC (AIM: SEA) ("SeaEnergy" or the "Company") the innovation-led offshore energy services business, is pleased to announce a trading update in advance of announcing its interim results for the 6 months to 30 June 2014, which are due to be released on 11 September 2014.



Highlights

SeaEnergy's growth trend continues, with new and extended contracts across all segments of the business in line with strategy.



R2S

SeaEnergy has seen continuing year on year growth in the use of the R2S technology, with an increased international dimension to the business. Teams are currently engaged on the photographic capture of assets in the US Gulf of Mexico and in Mexico itself, as well as in the UK North Sea. The R2S product has demonstrated its ability to deliver cost savings to clients across a wide range of energy industry projects including greenfield, brownfield and decommissioning, confirming its value throughout the full lifecycle of assets.



SeaEnergy now counts over 15 international operators as users of the R2S technology with Premier Oil the most recent operating company to become a client. Relationships with a number of international oil company clients are continuously being deepened and broadened, as additional facilities are captured in the UK and further afield.



After a record first quarter R2S activity returned to more normal levels in the second quarter as some projects were delayed and rescheduled later in the year. With a strong order book for the second half of the year driven by growing demand from the UK North Sea, US and Mexican markets and additional international potential, the trend for R2S to have a strong second half of the year is expected once again, with forecasts for the second half considerably ahead of the first six months of 2014.



Consulting

SeaEnergy's Consulting business has also been growing. The contract with DONG, the world leader in offshore wind, has been extended in scope and term, and now includes management of change aspects as well as technical elements in asset integrity management.

Following the restructuring earlier this year, Max and Co, the digital media agency, and R2S forensic operations are integrating well into the Consulting group, which continues to generate synergy opportunities across the Group.



Marine

SeaEnergy Ship Management Limited's joint venture with Go Offshore (Asia) Pte Ltd confirmed last week that it now has three vessels under management in line with growth expectations.



A further joint venture between GO and SeaEnergy is already actively tendering for the provision of SeaEnergy's unique, purpose-designed, dynamically positioned walk-to-work Service Operations Vessels (SOVs) into the offshore wind market. Demand for these walk-to-work vessels, in support of maintenance campaigns in oil and gas, is now also emerging in the UK North Sea and elsewhere.



Outlook

SeaEnergy continues to see growth across all aspects of the business. The momentum we have seen over the last few years shows no sign of abating with growth internationally, significant new contracts across all aspects of the business and a strong pipeline. These contributing factors mean the Group is well positioned to maintain this growth trajectory.



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

"We are delighted to be maintaining the growth path achieved over the past years, and are excited about international expansion opportunities for the business, and the realisation of synergies across the Group."



"The first half has clearly demonstrated the strategic benefits of our strategy. The three business divisions have all seen growth at different rates, but combine to ensure a strong level of growth at a group level."

2014 Interim Results

RNS


RNS Number : 3659R

SeaEnergy PLC

11 September 2014














SeaEnergy PLC

("SeaEnergy" or the "Company")



2014 Interim Results





SeaEnergy (LSE: "SEA"), the innovative energy services group, today announces half year results for the six months ended 30 June, 2014.



Highlights:



Operational



· Continuing growth in all parts of the business

· Increasing international activity

· Significant contract wins in Mexico, USA and UK for R2S

· Permanent Houston office established

· Expectation of stronger second half

· Ship Management JV signed and three vessels under management

· Consulting offering boosted by Max & Co and R2S Forensic after reorganisation



Financial



· Strong revenue growth across all businesses

· Turnover up to £3.6m (H1 2013: £2.2m)

· Loss from continuing operations after tax reduced to £0.2m for the first six months of 2014 (H1 2013: loss of £0.6m)

· Loss per share (basic and diluted) 0.43 pence (H1 2013: loss per share 1.10 pence)

· Group cash balance at 30 June 2014 of £0.7m after earn-out payment of £4.3m (30 June 2013: £5.4m)

· Group overdraft facility of £0.5m secured









Commenting on today's announcement David Sigsworth, Chairman, said:



"We are delighted to report this exciting acceleration in all of the Group's activities. Our continuing rapid growth, and particularly our international expansion, will continue to build shareholder value"

Trading Update

RNS


RNS Number : 2853W

SeaEnergy PLC

06 November 2014






Trading Update



SeaEnergy PLC (AIM: SEA) ("SeaEnergy" or the "Company), the innovation-led offshore energy services business, is pleased to announce a trading update in advance of presenting at the Mello Investor conference which is taking place in Derby between 6 and 8 November 2014.



Highlights

SeaEnergy's growth continues, with additional and extended contracts across all segments in line with strategy.



R2S

SeaEnergy's R2S Visual Asset Management technology achieved record turnover in the third quarter of 2014 and there is a strong order book for the remainder of the year and for the first half of 2015.



Demand remains high from operators in the UK North Sea, US and Mexico as well as new international markets such as Canada and Southeast Asia. It is anticipated that R2S will be adopted by at least one additional international major operator by Q1 2015. The timing of completion of individual projects may result in some of the orders that are expected to be delivered in 2014 falling into 2015.



Following the tender win to provide the R2S visual asset management system to the Mexican national oil company Petróleos Mexicanos (PEMEX) in June 2014, project delivery has been completed within the agreed timetable and the first payment under the contract has been received. The project comprised the spherical photographic capture of the Ku-S Central Processing Installation and its bridge-linked satellites in the Ku-Maloob-Zaap oilfield located in the Bay of Campeche, Gulf of Mexico and the subsequent build of a sophisticated interactive model of the assets within the R2S visual management system. A project of similar magnitude and complexity was also completed on BP's Na Kika platform in the Gulf of Mexico.



The benefits and efficiencies of the R2S VAM technology are now being recognised across the sector. For example, feedback from one major global operator identified the time and cost savings realised through the use of R2S technology on just two intervention campaigns on its North Sea assets of c. US$20 million. This operator has since deployed R2S in the Gulf of Mexico, where it has also recognised substantial savings, and we are working closely together to identify and deliver additional value from the innovative visual interface which R2S provides together with an extension into back-office services, providing continuing support. More broadly, SeaEnergy continues to work to enhance existing clients' use of R2S and increase both breadth and depth of the use of R2S to deliver similar patterns of roll out and savings, confirming its value throughout the full lifecycle of assets across the sector.



Consulting

Demand for SeaEnergy's Consulting business has also increased. A recent project with a top tier EPIC (engineering procurement installation and commissioning) contractor has involved consultancy on commercial and economic activities relating to offshore wind. There is potential for this to lead to an enduring relationship, to the benefit of both companies, In addition, the ongoing contractual relationship with the world leader in offshore wind, DONG, continues to flourish, having recently been further extended in duration and scope.



SeaEnergy's involvement in the public policy process was highlighted in September, following the Scottish Government's publication of a study conducted by SeaEnergy Consulting entitled 'The Fishing Vessels Conversion Opportunity Study'. This was undertaken on behalf of Scottish Enterprise and Marine Scotland, with the purpose to determine whether the Scottish Fishing Fleet could realise opportunities arising from the development of the offshore wind industry.



Demonstrating the synergy opportunities created by our Max and Co. digital media agency, SeaEnergy is currently working with Talisman on the production of a series of 3D overview schematics and associated detailed 3D visuals for a decommissioning project. As with many other projects, this contract is being extended in scope as the client sees the value of SeaEnergy's work.



Marine

SeaEnergy Ship Management (SEASM) currently has three vessels under management on behalf of its joint venture partner Go Offshore (Asia) Pte Ltd. SEASM has also recently responded to an invitation to tender for the ship management of a large dynamically positioned heavy lift and pipe-lay ship, operational in the Middle East.



SeaEnergy Marine, together with its joint venture partner, is also in the advanced stages of a tender process for the provision of SeaEnergy's unique, purpose-designed, dynamically positioned walk-to-work Service Operations Vessels (SOVs) for the offshore wind market.



Engagement

SeaEnergy personnel will participate in numerous events and initiatives in the coming months, providing engagement with potential clients, the wider market place and investors. These events include:

· Oil & Gas UK, Pilot Share Fair: 5 November, Aberdeen - Exhibitor

· Mello 2014, Investors and Companies event: 6-8 November, Derby - Exhibitor

· Offshore South East Asia (OSEA): 2-5 December, Singapore - Exhibitor & Conference Presenter (CEO, John Aldersey-Williams)

Outlook

The outlook for SeaEnergy is very positive: continuing growth is expected across all sectors, and with increasing access to international markets and synergies between business streams beginning to be realised, the company is well set for the move into sustainable profitability.



Chairman David Sigsworth said "As we head towards the end of the year, we are delighted that the Company is on track to achieve a profit before tax and non recurring items in the current financial year. With international growth under way, and by partnering with and serving some of the largest companies in the world we look to the future with confidence".

UPDATE - SeaEnergy on target for “sustainable profitability”

By Ian Lyall

November 06 2014, 11:35am
At the vanguard was the Return to Scene business (R2S), which collates 360-degree images from oil rigs.
At the vanguard was the Return to Scene business (R2S), which collates 360-degree images from oil rigs.


---ADDS SHARE PRICE---

Shares in SeaEnergy (LON:SEA) rose 11% after said it is set to move into “sustainable profitability” as it reported growth across all its business units.

At the vanguard was the Return to Scene business (R2S), which collates 360-degree images from oil rigs.

In an updated on current trading, SeaEnergy said demand for its services “remains high” from operators in the UK North Sea, US and Mexico as well as new international markets such as Canada and Southeast Asia.

It is expecting at least one international oil major to adopt R2S by the first quarter of next year.

However it also cautioned over the timing of completion of individual projects with some orders destined for 2014 falling into 2015.

SeaEnergy said it had completed a key project with Petróleos Mexicanos, the Mexico national oil firm.

Business won by the company’s consulting arm also increased.

A recent project with a top tier engineer raises the potential of an “enduring relationship”, while its tie-up with DONG, the leader in offshore wind, “continues to flourish”, investors were told.

Finally, the marine operation currently has three vessels under management and has been invited to tender for the contract to run a pipe laying vessel working currently in the Middle East.

Chairman David Sigsworth said: "As we head towards the end of the year, we are delighted that the Company is on track to achieve a profit before tax and non-recurring items in the current financial year.

“With international growth under way, and by partnering with and serving some of the largest companies in the world we look to the future with confidence.”

The stock, up just 4% in the last year, rose 11.45% in morning trade to 30.23p, valuing the business at £16.8mln

Sea Energy - Mello 2014


Click here

Simon T of IC - Buy at 30p, target 60p (Exploiting valuation anomalies, 18 Nov 14)

14 January 2015

SeaEnergy PLC

("SeaEnergy", the "Company")

CANADA CONTRACT WIN FOR RETURN TO SCENE

Return To Scene Limited, a wholly owned subsidiary of SeaEnergy PLC together with its Canadian distributor NSB Energy Inc., is delighted to announce the award of its first contract for the R2S photographic capture in Canada. The contract value is estimated at US$ 800,000.

Return To Scene's innovative R2S visual asset management system provides high definition 360deg spherical photography - photographically capturing offshore oil and gas assets and providing the user with a desk top visual, interactive walk around. The R2S photographic team is already on site in Canada.

To date the R2S system has been used by 16 operators in the UK Continental Shelf, US Gulf of Mexico (GOM) and Mexico including BP, Chevron, Total, ConocoPhillips and PEMEX, on a diverse range of projects. Operators have identified improved resource efficiencies and R2S has also been credited with enhancing collaboration between multiple disciplines providing better planning, confidence and preparedness - benefits leading to tangible cost reductions and increased production.

Bob Donnelly, Director of Business Development for SeaEnergy PLC commented that:

"We are delighted to secure our first project in Canada as we continue to grow our presence in North America, supported by our team in Houston, and as part of the Group's wider internationalisation process."

He continued: "We have a strong order book for 2015 and our look ahead for the first half of 2015 is particularly robust with a significant contribution from North America."

Michael Critch, President and CEO of NSB Energy Inc., Canadian based distributor for R2S in Canada since 2012, commented that:

"As an agent for oil and gas personnel and services, NSB Energy is excited to attract and leverage some of the best internationally recognised technologies for use offshore in Canada. This contract award demonstrates the importance of using the best technology the world has to offer to manage offshore facilities and optimise the recovery of Canada's offshore oil and gas resources. We are proud to facilitate and manage this great service provided by Return To Scene."