SEAENERGY cut losses in the first half, during which the company said it made good progress with its strategy of building an energy services business.
The Aberdeen-based firm, developed out of the Ramco Energy oil and gas business, made a pre-tax loss of £612,000 in the six months to June. It lost £1,747,000 in the same period last year.
The company pointed to the benefit of the acquisition of the R2S imaging business and the development of its consulting capacities in the first half when it generated £2.1m income from services, compared with none in the first half of 2012.
Chief executive David Sigsworth said R2S, which generates 3D images of oil & gas installations and the like, has achieved growth in international markets and grown its service offering.
The business is on track to achieve the level of earnings required to trigger the maximum £4.6m earn-out payment under the acquisition agreement. SeaEnergy paid an initial £5m for R2S.
SeaEnergy said a study it completed about converting and using fishing vessels in support of offshore wind farms shows there are suitable roles for them to take on.
The group has developed vessels that could be used to access offshore wind farms.
The company said its holding in Ireland-focused Lansdowne Oil & Gas has a market value of £12.2m.
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules hereComments are closed on this article