SEAENERGY has received more than £849,000 after resolving a long-running dispute related to the sale of its renewables arm.
The Westhill, Aberdeenshire, business sold its majority stake in offshore wind unit SeaEnergy Renewables (Serl) to Spanish oil firm Repsol in mid-2011 for £38 million.
Serl had stakes in some offshore wind-farm sites around the Scottish coast.
It emerged in June last year Repsol was withholding a payment of £849,000 over an unspecified warranty dispute related to the transaction.
At the time, SeaEnergy said it was taking professional advice on the validity of the claim. Now it has received the full payment plus interest, although details on how the settlement was reached were not made available.
SeaEnergy said: "No further claims remain outstanding or notified against either party. All amounts due to the company under the [sale and purchase agreement with Repsol] have now been received."
SeaEnergy offloaded the loss-making Serl as part of its change in strategy to reinvent itself as an offshore, marine and renewable energy support service and consultancy business.
In August last year it bought Aberdeen firm Return to Scene, which has adapted crime scene imaging technology to make 3D maps for use in the oil and gas sector.
A trading update in February this year said the consultancy arm was already covering its costs with plans to boost activity during 2013.
SeaEnergy also holds a 21% stake in Lansdowne Oil & Gas, which includes an interest in the large Barryroe field off the coast of Ireland among its assets.
Shares in SeaEnergy closed up 1.25p, or 5.1%, at 25.75p.
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