STEVE Remp, the founder of Ramco Energy, appears to have made progress in his attempts to breathe new life into one of the company's former projects in Eastern Europe.

Now called SeaEnergy, the company announced that Mr Remp has secured funding to pursue a "substantial" arbitration claim against the Government of Montenegro, which could generate money for the firm.

The claim is in relation to disputed joint venture interests held by one of two subsidiaries Mr Remp took over from SeaEnergy when he retired from the group in 2012.

Mr Remp hoped to revive an exploration programme that Ramco started in Montenegro, where work stalled amid disputes with the Government.

A pioneer of exploration work behind the old Iron Curtain, Ramco Energy achieved renown in the 1990s after making a big find in Azerbaijan. It then suffered heavy losses after a plan to restart production from an Irish gas field misfired.

SeaEnergy retained the right to participate in any future realisations from the companies taken over by Mr Remp, up to a maximum of $20 million (£13m).

SeaEnenergy, now an offshore services firm, lost £2.5 million in 2014 after writing down the value of its holding in the Lansdowne Oil & Gas business by £2.3m.

The write down reflects the fall in the share price of Lansdowne, which has oil and gas exploration interests off Ireland.

However, Aberdeen-based SeaEnergy said it made good progress in the year, for which it recorded an operating profit before non-recurring expenses of £150,000.

This was the first surplus the company had recorded at that level before deciding to focus on providing offshore services in 2012. It lost £370,000 in 2013.

SeaEnergy increased revenues to £7.4m from £5.1m in the preceding year helped by strong growth at the R2S subsidiary, which produces 360 degree images of offshore installations.

However, the company said it has decided to stop tendering to supply vessels that could be used to access offshore windfarms.

Chief executive John Aldersey-Williams said: "the Marine side of the business, although low cost, has not delivered value commensurate with the management effort required and business risk involved. This is a result of slower than expected development of the market, increasing competition and increased uncertainty."

Mr Aldersey-Williams said the company hopes to plan to realise value from its knowledge and expertise through consulting work rather than through direct participation in the market.