SeaEnergy Reaches Deal For Potential Sale Of R2S Asset

Offshore energy services firm SeaEnergy has reached a deal over the potential sale of its Return to Scene business (R2S).

In March, the Aberdeen-based company warned that due to insufficient finances and low energy prices, it would not be able to continue trading beyond May.

However, the firm has now entered into an exclusivity agreement with an unnamed bidder for its R2S software which would help fund the group through the month.

In a trading statement, SeaEnegy said: "The Preferred Bidder has indicated that it intends to acquire all aspects of the R2S business and it is planned for the disposal to be completed within a short timeframe.


"However, there can be no guarantee that the Potential Disposal will be completed.  The Directors anticipate that the proceeds of the Potential Disposal, if received, would be sufficient to repay the bank overdraft, nearly all of the Group's secured debt and a proportion of amounts owing to unsecured creditors."

The company has other assets, including an 18.67% interest in Lansdowne Oil & Gas plc. However, its shares have been suspended from trading due to a legal dispute.

SeaEnergy added: "Any value for shareholders is likely to depend on the realisation of these assets.

"Further updates will be made in due course and the shares of the Company remain suspended from trading pending clarification of the financial position."

(LM)