SeaEnergy will shed legacy assets and return money to shareholders
John Aldersey-Williams, CEO of SeaEnergy (LON:SEA), tells Proactiveinvestors that the company now has three integrated businesses in marine, consulting and in offshore software services and support with R2S, the company it bought last year. John reckons R2S, which, he says, offers a type of 'Google Street View' for offshore installations, should prove popular with blue-chip international oil companies. John also says that the existing interests in the 'legacy' assets, like its 21% stake in Lansdowne Oil & Gas, are no longer core to the business and over time SeaEnergy will exit these and return a proportion of funds to shareholders.
On 29 June 2012, the Company announced that, pursuant to the Sale and Purchase Agreement ("SPA") dated 4 June 2011 between the Company and Repsol Nuevas Energias S.A. ("Repsol"), Repsol had intimated a warranty claim amounting to £849,000, and that Repsol had withheld that amount from the retention payment due to the Company on 28 June 2012 until the claim was resolved.
The Company has today received payment in full of the withheld amount plus interest and no further claims remain outstanding or notified against either party.
All amounts due to the Company under the SPA have now been received.
The Company is making excellent progress in delivering the strategy we set out a year ago, and plans to approach break-even in 2013, before moving into trading profit in 2014. This will be achieved by driving the continued growth of R2S and the consulting business, proving our marine capabilities, making additional acquisitions and, where appropriate, the sale of legacy oil & gas assets.
be interested to see how this plays but for me i think its easier going where the money is going and the more obvious play in LOGP , i find on aim trying to find the clever play when its much easier following the main stream play more often then not doesn't yield bigger %s
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