Offshore Wind Beneath SeaEnergy’s Wings

SeaEnergy PLC’s growth trend continues, with new and extended contracts across all segments of the business in line with strategy, the company announced today in a trading update. 

SeaEnergy’s Consulting business is constantly growing. The contract with DONG Energy 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.

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.

SeaEnergy has seen continuing year on year growth in the use of the R2S technology, with an increased international dimension to the business. SeaEnergy now counts over 15 international operators as users of the R2S technology.

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.

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.”