SeaEnergy PLC
2011 Interim Results
SeaEnergy (LSE: “SEA”), the energy ventures company focused on growing oil and gas and renewables businesses, today announces half year results for the six months ended 30 June, 2011.
Highlights:
- Clear strategy in place to build upon SeaEnergy’s unique position as an energy ventures business, reflecting the Company’s heritage in both oil & gas and renewables
- Successful divestment of 80% interest SeaEnergy Renewables Ltd (“SERL”) to Repsol
- £8 million investment to a cash consideration of £38 million
- Strong financial position with no debt and cash on the balance sheet
- Profit from continuing operations after tax of £27.0 million for the first six months of 2011 (H1 2010 loss of £4.2 million)
- Group cash balance at 30 June 2011 of £27.0 million (H1 2010 £1.0 million)
- Earnings per share (basic) 39.5 pence (2010: loss per share 5.96 pence)
- Convertible debt of £1.3 million owed to Schlumberger Offshore Services Limited settled for cash payment of £0.95 million in July 2011.
- Oil & Gas portfolio with material near term value accretive opportunities
- AIM listed Lansdowne Oil & Gas (SeaEnergy 25% interest) continues to make good progress having completed 3D seismic acquisition programmes in the Celtic Sea
- Now embarking on potentially significant drilling campaign, commencing with the Barryroe appraisal well
- SeaEnergy invested an additional £1.7 million at 15p per share, increasing its holding to its current level
- Significant progress made with developing services business to offshore wind industry
- Widespread industry support for specialised operations and maintenance (“O&M”) vessels
- Well placed for initial tenders for SeaEnergy’s unique O&M vessels in the North Sea
- Discussion underway for potential charter of existing ship to generate nearer term revenue
- Proposal to restructure the balance sheet will allow for a possible distribution to shareholders, the payment of a dividend or the buy-back of shares, following completion of the audit of the 2011 results
Commenting on today’s announcement Steve Remp, Executive Chairman, said:
“SeaEnergy is in a strong position. Following the successful and highly value accretive disposal of SERL to Repsol, we have a strong balance sheet and no debt and are poised to capture a number of opportunities within both the renewable and oil & gas sectors of the energy market. This is an industry in which the team has successfully built businesses in the past and have the vision and energy to create a unique energy ventures business of scale.
Our oil & gas investments are at an interesting stage, in particular with the near term potential of our increased holding in Lansdowne Oil & Gas. With a number of near term potential share price catalysts, we face the future with a high degree of confidence and look forward to creating further value for investors.
Elsewhere our development of a unique vessel for the operation and maintenance of wind turbines situated in deep and rough water has been well received by potential charterers. We are confident in the significant commercial opportunity of this strand of our business, and are working to maximise our chances of success in near term bidding rounds. We are also identifying other high margin opportunities in the servicing of the offshore wind industry.”
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