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SeaEnergy PLC (SEA)

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Thursday 06 November, 2014

SeaEnergy PLC

Trading Update

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".

 

For further information contact:

 

SeaEnergy PLC


 +44 1224 748480

John Aldersey-Williams, Chief Executive



Steven Bertram, Commercial Director






Investec Bank plc - NOMAD


+ 44 20 7597 4000

David Flin



Jeremy Ellis

 



Bell Pottinger - Public Relations


+44 20 3772 2500

Rollo Crichton-Stuart



Lucinda Alderson



 

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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