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Growth of R2S helps SeaEnergy to success

SEAENERGY has said it had a successful year in 2013, helped by the growth of the R2S business, which produces images of offshore installations.

The Aberdeen-based firm, developed out of the Ramco Energy oil and gas business, said R2S had won increased business in the North Sea and expanded into overseas markets such as Mexico.

SeaEnergy said R2S had made a good start to the current year. It is set to hit the final earn-out target set when SeaEnergy bought it.

SeaEnergy bought R2S in August 2012 for up to £10 million in pursuit of its strategy of developing an energy services group.

The initial £5m cash payment was funded using some of the proceeds of the £38m sale of its SeaEnergy Renewables arm to Repsol in 2011. SeaEnergy had developed the business to invest in windfarm projects.

SeaEnergy said its consultancy business had some existing contracts extended in 2013 and introduced additional services.

Clients include DONG, the Danish operator of offshore wind farms.

SeaEnergy has been making the case for a support vessel it designed, which it believes will make it easier for operators to access offshore wind farms.

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