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SeaEnergy PLC (SEA)

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Thursday 14 August, 2014

SeaEnergy PLC

Trading Update

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."

 

For further information contact:

SeaEnergy PLC


 +44 1224 748480

Steven Bertram, Finance and Commercial Director



Investec Bank plc - NOMAD


+ 44 20 7597 4000

David Flin/Jeremy Ellis



Bell Pottinger - Public Relations


+44 20 7861 3232

Mark Antelme/ Rollo Crichton-Stuart



 

Notes

About SeaEnergy PLC:

SeaEnergy PLC is an innovation-led offshore energy services business, based in Aberdeen, Scotland and listed on the London Stock Exchange's AIM Market.  The Group's three active divisions comprise R2S, Consulting and Marine.  R2S provides photographic capture and three dimensional modelling of oil & gas installations, linking these images to asset management databases for major international oil operators, allowing them to improve the performance of their assets whilst providing operational efficiencies.  The Consulting division delivers strategic support for companies in offshore energy, helping them to improve asset integrity, reduce costs and improve output. The Marine division offers ship management services for offshore vessels in both oil & gas and offshore wind roles and is actively participating in tenders for the provision of purpose built offshore wind farm support vessels.

 

www.seaenergy-plc.com

www.r2s.co.uk

www.seasm.com

 


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