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North Sea vessel contract a boost

SHARES in SeaEnergy have risen 8 per cent after the company said it had won its first ship management contract, which covers a vessel operating in the North Sea.

Aberdeen-based SeaEnergy has been appointed to manage a ship that will provide support for exploration and production companies working in the area.

The company will manage the MV Surf Ranger, on behalf of Otto Marine of Singapore.

The value of the contract has not been disclosed.

However, Otto appears to have provided an important vote of confidence in SeaEnergy's fledgling ship management business.

SeaEnergy said it is in talks with Otto about managing other vessels owned by the firm, which may be operating in the North Sea and Europe in the future.

Known as Ramco Energy when it focused on oil and gas, SeaEnergy moved into ship management last year under plans to develop a range of businesses that would support firms operating assets like offshore wind farms.

SeaEnergy cut losses from £2.4m in 2012 to £800,000 in 2013, despite ship management start-up losses of £222,000.

The company has predicted it will move into profit this year.

SeaEnergy sold off a subsidiary that developed projects for wind farms off Scotland to Repsol for £39m in 2011.

The MV Surf Ranger can support remote-operated vessels used for subsea work. It has a crew of 20.

Shares in Aim-listed SeaEnergy closed up 2.75p at 37p last night.

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