UK: SeaEnergy Publishes H1 Financial Results

SeaEnergy, the innovative energy services group, today announces half year results for the six months ended 30 June, 2013.

Highlights:

Operational

·    R2S reporting substantial growth with new North Sea clients and international expansion

·    Ship Management business launched in June

·    Knowledge Transfer Partnership announced to develop an operational and economic model for life cycle cost of operations and maintenance (“O&M”) strategies in offshore wind farms

·    Repsol warranty claim settled in full in favour of SeaEnergy

·    Operations Director appointed and continuing focus on delivery of strategy

Financial

·    Strong revenue growth driven by R2S

·    Strong financial position with cash on the balance sheet and no debt

·    Group cash balance at 30 June 2013 of £5.4 million (30 June 2012: £19.0 million) (31 Dec 2012: £5.5 million)

·    Loss from continuing operations after tax reduced to £0.6 million for the first six months of 2013 (H1 2012: loss of £1.7 million)

·    Loss per share (basic and diluted)  1.10 pence (H1 2012: loss per share 2.53 pence)

Commenting on today’s announcement David Sigsworth, Chairman, said:

“SeaEnergy has made substantial progress with its energy services strategy and is moving towards profitability.  We have made significant advances with R2S, as well as in the Consulting business and in Marine with the recent addition of the Ship Management unit.  We believe that our strategy is beginning to deliver sustainable growth in shareholder value.” 

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Press release, August 29, 2013; Image: SeaEnergy