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R2S acquisition progressing well

SEAENERGY has signalled its acquisition of software company Return to Scene (R2S) is progressing well, with a £500,000 earn-out payment to be made in March.

Aberdeen-based SeaEnergy bought the company – which specialises in making 3D maps of oil and gas assets – last year for an initial £5 million.

R2S has hit revenue targets for the half-year to February ahead of schedule, which has triggered the six-figure payment.

A further £4.6m could be paid in cash or shares if R2S exceeds £2.5m in earnings before interest, tax, depreciation and amortisation in the 2014 financial year.

SeaEnergy, formerly known as Ramco Energy, is reinventing itself as an energy service business following the £38m sale of its renewables arm to Repsol in 2011.

It said a consultancy arm, launched in September last year, was already covering its direct costs and there were plans to expand activity in that area during 2013.

Work on securing a joint venture partner to bid for tenders to operate offshore wind farm service vessels is also progressing. That move should help it pitch for several tenders at once and spread costs.

SeaEnergy also has a 21% shareholding in Lansdowne Oil & Gas, which has an interest in the large Barryroe field off the coast of Ireland.

David Sigsworth, SeaEnergy chairman, said the company was delivering across all "strands" of the strategy it set out less than a year ago.

The shares ended the day 0.875p firmer at 29p.

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