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SeaEnergy PLC (SEA)

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Tuesday 17 May, 2016

SeaEnergy PLC

Exclusivity Agreement

RNS Number : 4315Y
SeaEnergy PLC
17 May 2016
 

SeaEnergy PLC

("SeaEnergy", the "Company" or the "Group")

 

EXCLUSIVITY AGREEMENT

 

 

Further to the announcement on 26 April 2016, SeaEnergy, the innovation-led offshore energy services business, provides an update on the progress of the potential disposal of the Return to Scene business ("R2S") (the "Potential Disposal").

 

SeaEnergy and its advisers KPMG, have been in detailed discussions with a number of potential purchasers of R2S.  The Company has now selected a preferred bidder and entered into an exclusivity agreement with this party (the "Preferred Bidder").  Under the agreement, the Preferred Bidder has made a non-refundable payment which will help to fund the Group though May.

 

The Preferred Bidder has indicated that it intends to acquire all aspects of the R2S business and it is planned for the disposal to be completed within a short timeframe.

 

However, there can be no guarantee that the Potential Disposal will be completed.  The Directors anticipate that the proceeds of the Potential Disposal, if received, would be sufficient to repay the bank overdraft, nearly all of the Group's secured debt and a proportion of amounts owing to unsecured creditors.

 

The Group has other assets, including an 18.67% interest in Lansdowne Oil & Gas plc (the shares of which are currently suspended from trading) and two UK royalty interests.  Any value for shareholders is likely to depend on the realisation of these assets.

 

Further updates will be made in due course and the shares of the Company remain suspended from trading pending clarification of the financial position.

 

 

ENDS

 

 

John Aldersey-Williams

Chief Executive Officer

Tel: +44 1224 748480

 

 

Claire Fleming

Corporate Communications & Research Manager

Tel: +44 7880 358920

 

 

Tim Feather/Liam Gribben

Nominated Adviser and Broker

WH Ireland Limited

Tel: 0113 394 6600

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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