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.

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."

2015 Other News

14 Jan 2015 Image technology firm bags £525,000 deal in Canada – coverage of Return To Scene’s Canadian contract win in the Press & Journal

14 Jan 2015 SeaEnergy was delighted to welcome the First Minister, Nicola Sturgeon and Scottish Enterprise CEO, Lena Wilson to our offices on 14 January 2015 (courtesy of Scottish Government)

2 February 2015

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 presenting at the Share Magazine/Cenkos Innovators and Investors Forum, which is taking place at the Business Design Centre in Islington on 3 February 2015.

Highlights

· Full year results set to be in line with expectations

· International growth across the business‎ continues with large contract win for R2S with supermajor in Canada

· Significant turnover increase in 2014 for Marine business

· R2S shortlisted for Innovator Award in the prestigious SPE Offshore Achievement Award

· Strong outlook for the start of 2015

R2S

SeaEnergy's R2S Visual Asset Management software/service continues to be the main engine for growth and achieved record turnover in 2014. There is a strong order book for the first half of 2015, and the newly-expanded business development team continues to drive international growth.

We were delighted to announce a significant contract offshore Canada for a new "supermajor" client last month, and our first capture team has already been deployed to this project. Securing a new international client is a very positive step forwards, and adds another very high quality name to our client list, which now includes four of the five supermajors.

Despite the recent fall in the oil price, demand remains high from operators in the UK North Sea, US and Mexico and we continue to see new enquiries from other international markets including Southeast Asia and the Middle East. We expect to see more international deployments in 2015 and are addressing strategies for local resourcing where appropriate.

As the operational benefits and cost efficiencies of the R2S VAM software/service are becoming widely recognised, we are increasingly seeing clients sharing R2S captures with their partners. These references strongly drive additional business development and help to attract new clients.

During the current period of oil price decline, many oil operators are looking to reduce costs and increase efficiency. Accordingly, we have been continuing to reinforce the very significant cost savings realisable through the use of the R2S VAM software/service and by strengthening the case for R2S VAM as a tool to plan decommissioning projects. Whilst we are alert to potential impacts on our pipeline of business, we have to date not seen any oil price related project cancellations or deferrals and have continued to receive new enquires and firm orders for operators already in cost-cutting mode.

SeaEnergy works closely with its clients to help them make the best use of their R2S imagery. This close working relationship generates the opportunity for identifying additional services that we can offer to clients and represents a development opportunity for SeaEnergy, where additional value can be delivered to clients; we are working hard to develop in these areas.

Consulting

The reorganisation that placed Max & Co (the digital media agency) and R2S Forensic within Consulting is beginning to bear fruit. The combined consulting team offers SeaEnergy's clients enhanced services, with Max's 20 years of expertise and experience in the offshore oil and gas environment adding value to the strategic consulting offering. The team offers additional services to complement the R2S software/service, again helping clients to make the best use of their wealth of complex data.

Turnover was a blend of recurring work from well-established clients across a range of products enhanced by the addition of prestigious and sensitive visual reconstruction/analysis work undertaken for the Hillsborough Inquiry.

As we move into 2015 our expectations are for this trend of recurring business to continue with further development of opportunities across the group.

Marine

SeaEnergy Ship Management (SEASM) continues to manage three vessels for Go Offshore (Asia) Pte Ltd., and is seeking additional vessel management opportunities. Turnover in 2014 has significantly increased over 2013, as it includes the revenue related to the vessels taken under management during 2014. The ship management business is currently profitable with three vessels under management; additional vessels will add to profitability.

SeaEnergy has participated in and reached the very late stages of the tender process with both of the operators to have undertaken tenders for offshore wind farm vessels to date. Although we have yet to secure an order, our vessel designs and concepts for wind farm operations continue to be attractive and competitive.

Legacy assets

We are aware of the continued decline in the market value of our interest in Lansdowne Oil & Gas PLC based on its share price, despite its successful farm-out of the attractive Midleton acreage to Kinsale Energy Limited. We remain confident that Lansdowne will achieve a farm out of its Barryroe discovery, and believe that following this event, its share price should recover and there may be an opportunity to commence our exit from this investment. We note that if the Lansdowne share price remains below our carrying value we will be required to make an impairment provision to the asset value of Lansdowne in our balance sheet, with a negative effect on the reported results for SeaEnergy. Any impairment provision would reverse in the future, as and when the Lansdowne share price recovers and would be treated as a non-recurring item.

Recognition and Engagement

We were very pleased to welcome Nicola Sturgeon to our offices on her first visit to Aberdeen as Scotland's new First Minister. In an extended visit, the First Minister learned about how the R2S VAM software/service supports clients across the oil & gas sector, and how its international growth, supported by Scottish Enterprise and Scottish Development International, is a model for Scottish companies.

We were delighted to announce that Return to Scene, the wholly-owned subsidiary comprising R2S VAM software/service operations, has been shortlisted in the Innovator Award category in the prestigious SPE Offshore Achievement Awards for 2015. This nomination illustrates the impact that R2S VAM has on offshore operations - reducing cost, minimising unproductive bedspace usage and optimising operational planning and safety.

SeaEnergy has signed a joint marketing agreement with Cyberhawk, the leading remote aerial inspection and surveying company, under which we can offer Cyberhawk's aerially-captured images as an enhancement to the standard R2S VAM offering. We have completed our first project with them, and have seen real benefits for clients in incorporating Cyberhawk imagery within the R2S VAM models.

SeaEnergy personnel continue to participate in a number of events and initiatives. In the coming months, these events include:

· Shares Magazine/Cenkos Innovators and Investors Forum, Business Design Centre, Islington, 3 February 2015

· "Lunch & Learn: Visual Asset Management technology for the Oil and Gas Industry: Its application in Insurance" - Lloyds of London, 17 February 2015

· SPE Digital Energy Conference, Houston, 3-5 March 2015

· ITF Technical Showcase, Aberdeen, 4 March 2015

· R2S Forensic V3 and User Group Launch, Glasgow, 26-27 March 2015

The Company expects to release its results for the year ended 31 December 2014 on 16 April 2015.

Outlook

The outlook for SeaEnergy remains very positive: the R2S VAM software/service is set for continuing internationalisation and growth, Consulting is deepening its relationships with clients to offer added value, and Ship Management is managing three vessels and seeking additional opportunities.

Chairman David Sigsworth said "We're very pleased to have achieved our expectations for 2014, and are looking forward confidently to continuing growth towards sustainable profitability this year and dividends in due course."

http://www.moneyam.com/action/news/showArticle?id=4969125

SeaEnergy CEO says upstream oil and gas sector presents ‘huge opportunity’

Mon, 2nd Feb 2015

John Aldersey-Williams, CEO of SeaEnergy (LON:SEA), speaks to Proactive Investors about the group’s progress in the upstream oil and gas sector and what to expect in 2015. It comes as the oil services software specialist stated its full-year results will be in line with expectations despite the recent fall from the oil price.

Sea Energy - Innovators & Investors Forum

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05 March 2015

SEAENERGY PLC



SEAENERGY PLC ANNOUNCED AS FINALIST IN THE 2015 SCOTTISH EXPORT AWARDS


Aberdeen-based SeaEnergy PLC has been shortlisted as a finalist in the forthcoming BQ Scottish Export Awards to be held in Glasgow on 31 March. SeaEnergy has been nominated under the SME Exporter of the Year category.

SeaEnergy PLC delivers strategic and operational solutions to energy companies around the world. At the heart of the company is a common objective to identify, develop, and apply innovation that improves performance, efficiency, and safety.

It has been a busy start to the year for the company, which has announced two large overseas contract wins in Canada and the US, and now two nominations as prestigious award finalists since January.

The Scottish Export Awards, which are in their second year, are designed to recognise excellence, the achievements and export contribution of Scottish businesses, and to provide inspiration and encouragement for others to take forward their export potential.


John Aldersey-Williams, CEO commented:

"We are delighted to have been shortlisted among such diverse and high calibre companies. This nomination recognises the export achievements we have enjoyed across the group in the past 12 months and our plans for the future. It demonstrates the success of the ongoing internationalisation of the services we offer across the group. All business streams contributed to this achievement from our consultancy services including Max and Co, our media and design specialists, our marine team and, of course, our innovative R2S Visual Asset Management (VAM) technology."

SeaEnergy has exported its services to the US, Mexico, Canada, Iraq, Saudi Arabia, Mexico, Brazil, Mozambique, Holland, Hong Kong, Australia, mainland China and Denmark in the past 12 months alone.

Ends.

http://www.moneyam.com/action/news/showArticle?id=4989582

Suspect the SP says it all - it's windy here, and wind-farms appear to have Gov blessing...so where's the problem for former RAMCO ( DYOR) . . and their Directors?
I see one Dir has invested a little over £20k at about 24p -so that's almost dissipated, or dashed on the rocks ( ? ). doesn't look good . . . . far too small an amount and even worse the timing.... -OR- does that point to general incompetence, I wonder?.... although it might be bad luck, wind direction, foul weather, etc.