SeaEnergy Grows in Line with Strategy

April 2, 2014

SeaEnergy PLC today announced its unaudited preliminary results for the year ended 31 December 2013.

Operational highlights:
– Continuing R2S growth and internationalisation; Houston office opened.
– R2S vendor earn-out target exceeded and consideration capped at the maximum level of £4.6 million, this will be paid later this month.
– Establishment of Ship Management business.
– New and extended contracts in Consulting.

Financial highlights:
– Loss for the year of £0.8 million (2012: loss of £2.4 million,).
– Progress towards breakeven shown by half year analysis: first half loss of £0.6 million, second half loss £0.2 million
– Operating expenses further reduced from £3.1 million to £2.2 million.
– Loss per share 1.45 pence (2012: loss per share 3.82 pence).
– Net assets at 31 December 2013 £17.9 million (2012: £18.7 million).
– Cash position at the end of 2013 of £4.7 million (2012: £5.5 million).

David Sigsworth, Chairman, said: “The earn-out of R2S demonstrates the value this important element of the business has delivered and we are pleased to have seen the Company grow in line with strategy, here in the UK and internationally. The Consulting Division has also expanded during 2013 and the addition of the Ship Management team has broadened SeaEnergy’s capacity in the Marine space. We look forward to 2014 which is set to see us move into profitability.”