STEVE Remp, one of the energy industry's great survivors, said the Sea-Energy group that he chairs has a bright future after making a bumper gain on the sale of its windfarm business.
Following the completion of the sale of the group’s SeaEnergy Renewables venture yesterday, the pioneering American said the company could carve out a new niche in the renewable energy field. Aberdeen-based SeaEnergy made a £32 million gain on the sale.
Formerly known as Ramco, SeaEnergy has legacy interests in the oil and gas business that directors believe could prove to be valuable.
While SeaEnergy also unveiled another annual loss yesterday, Mr Remp seemed to want to ram home the message that the business has turned the corner after suffering reverses in recent years.
“This is an immensely exciting time for your company and the board, management and employees are enthused and energised,” said Mr Remp, who made his name after leading Ramco on a risky exploration drive behind the former Iron Curtain.
The company made a huge find in Azerbaijan in the 1990s but later suffered hefty losses on a failed scheme to restart production from the Seven Heads field off Ireland.
Mr Remp reinvented Ramco as an Iraq-focused oil services business but hit official obstacles in that country.
He then decided the business should develop windfarms in the UK only to find he could not raise the money to fund projects from risk-averse institutions.
However, the company advanced schemes to the point a consortium led by Repsol was prepared to pay a high price for 80%-owned SeaEnergy renwables.
SeaEnergy plans to develop a windfarm services business. This will focus initially on developing boats that could be used to access windfarms in all weathers.
Mr Remp said SeaEnergy has developed a detailed specification for this vessel. It is “actively pursuing charter opportunities to justify investing in the first vessel”.
SeaEnergy has been able to repay the debt it owed to LC Capital Master Fund, the American hedge fund that bankrolled its activity for years. The company has £28m cash in the bank.
It also has a 23% stake in AIM-listed Lansdowne Oil & Gas which has interests off Ireland.
The company keeps a watching brief on Iraq.
SeaEnergy made a £5.7m loss in the year to December. It lost £6.5m in the preceding year.
