Monday, 2 November 2009

SeaEnergy plc

Further to our post yesterday on major funding for offshore wind power, we thought we'd take a quick look at Aberdeen-based SeaEnergy PLC (formerly Ramco Energy plc) which is AIM listed under the ticker SEA.

In September 2009 the Board of Ramco Energy plc made the strategic decision to exit its oil & gas investments over time and focus purely on its offshore wind business. Shareholders ratified that decision at a General Meeting on 24 September, voting to change the company's name to SeaEnergy PLC.

Stephen Remp, Executive Chairman of Ramco Energy plc has previously said: 'The offshore wind opportunity is truly enormous, with over £130 billion of investment envisaged over the next 11 years through the Scottish and UK Offshore Rounds.

SeaEnergy PLC, through its 80% subsidiary SeaEnergy Renewables Limited, has interests in two offshore wind farm sites, one in a JV with Airtricity and another with RWE npower - with a total capacity of over 1800MW. Together with EDP Renewables (EDPR) it has also made applications for sites to be awarded through the UK Offshore Round 3 process.

The SeaEnergy Renewables team whilst working for Talisman Energy and Scottish & Southern Energy were the team responsible for conceiving, developing and delivering the Beatrice Wind Farm Demonstrator Project - a 10 megawatt (MW) deep water wind farm development involving the installation of two of the largest wind turbines (5 MW each) ever deployed offshore, at water depths of 45 metres.

In October they announced a JV with Taiwan Generations Corporation to work on a variety of projects, commencing with the Changhua Offshore Windfarm, which is planned to have an installed capacity of up to 600MW.

The Group recorded a loss from continuing operations after tax of £2.5 million for the first six months of 2009 compared to a loss of £1.2 million for the first six months of 2008. Operating expenses increased from £1.1 million in the prior period to £2.0 million in the current period. Group cash balances at 30 June 2009 were £1.8 million compared with £0.9 million a year earlier.


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