SeaEnergy's net loss shrinks in H1 2013

Aug 30, 2013 - British firm SeaEnergy PLC (LON:SEA) on Thursday said it had cut its first-half 2013 net loss from continuing operations to GBP 612,000 (USD 949,000/EUR 716,000) from GBP 1.7 million a year back.

Loss per basic and diluted share stood at GBP 0.010, compared to GBP 0.0253.

Chairman David Sigsworth noted that SeaEnergy has “made substantial progress with its energy services strategy and is moving towards profitability”. In February 2012, the company took a new strategic direction under which it focused on the provision of operations and maintenance service vessels to the offshore wind sector; acquisition of profitable services businesses to add value synergistically; and organic development of additional business services for the energy industry.

Revenue for the first six months of 2013 amounted to GBP 2.2 million, compared to zero in the same period of 2012. It was generated after SeaEnergy acquired Return to Scene Ltd (R2S), which provides services to the oil, gas and marine industries.

At the end of June SeaEnergy had GBP 5.4 million in cash, down from GBP 19 million a year earlier.

The company said it was proceeding with its strategy and plans to dispose of its legacy assets. In June it set up a unit that would offer specialist ship management services to offshore wind and oil and gas customers. The R2S services are now available in the US, UK and Northern European markets, it noted.

(GBP 1.0 = USD 1.550/EUR 1.170)

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