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With it's £14 million in LOGP shares, decent cash balance (approx £5 or 6 million) and buying it's profitable RS2 business SEA looks cheap with a market cap of £15.5 million. I don't normally touch AIM shares but this looks cheap so I've had a "dabble". 50,000 shares at just over 28p - fingers crossed I don't end up cursing AIM stocks!
Wow blue all over my PF today I think a decent night out on Friday to celebrate a decent end to the week.
Going mad here
Not much downside here, where are the deals or have they turned into a consulting firm.
Trade's not to shabby!
Legacy oil assets SeaEnergy retains an interest in a number of legacy oil and gas assets, including a 21.5% stake in separately listed Lansdowne Oil & Gas, a 40.21% holding in associate Mesopotamia Petroleum Company (MPC), 100% of Eagle HydroCarbons, a small royalty in some onshore Bulgarian acreage and a carried interest in Montenegrin offshore acreage. SeaEnergy’s stated strategy is to realise the value of these legacy oil and gas “over time” and in the absence of “compelling investment opportunities”, to return a proportion to shareholders.
The disposal of SeaEnergy Renewables Limited (SERL) in June 2011 not only transformed the financial position of SeaEnergy, but also ushered in a new strategic direction for the business. Post-SERL, SeaEnergy is focused on the development of an energy service business via a tripartite approach: the acquisition of expanding energy services businesses serving the offshore energy market; the provision of consulting services to the offshore market and the operation of offshore wind farm operations and maintenance vessels. Progress has been made on all three fronts. With the acquisition of R2S, SeaEnergy has made its first significant acquisition of a provider of services to the offshore market. We consider the acquisition in more detail later in this report. The consulting business has secured its first contracts and Donald Brown has been appointed as head of project delivery, effectively heading SeaEnergy’s business in this area. SeaEnergy has indicated that it expects to secure additional resources to further develop this business. At its interim results, SeaEnergy confirmed it had received a formal pre-tender request for information (RFI) for its offshore wind farm O&M vessel from a manufacturer of turbines and notification of another RFI to be issued ”imminently”.
Company description: Provider of services to the offshore market Based in Aberdeen, SeaEnergy is focused on building and acquiring complementary service businesses, including the provision of operations and services to offshore energy sector. In August 2012, SeaEnergy acquired R2S, a visual asset management business, and simultaneously set up a consultancy providing services to the offshore wind market. SeaEnergy is also active in developing a new generation of offshore wind farm operations and maintenance vessels. It retains some legacy oil and gas assets that will be disposed of in due course, with the potential for the profits to be shared with shareholders.
The three principal determinants of SeaEnergy’s value are its cash balance, R2S and the value of its holding in Lansdowne Oil and Gas. We value R2S at the cost to SeaEnergy of its recent acquisition, but ascribe no value to the recently established consulting business or the residual oil and gas holdings apart from Lansdowne. Employing this valuation approach indicates a value of 45p/share for SeaEnergy, significantly above current market values. Every 10p/share move in the price of Lansdowne Oil and Gas would equate to a c 5p/share change in SeaEnergy’s share price
R2S the key to short-term profitability In the short term, the visual asset management business, operated by the recently acquired R2S, will be the key profit contributor and the overall profitability of SeaEnergy will be largely dependent on its performance. The consulting business looks set to grow over time and SeaEnergy’s strategy of developing offshore wind farm support vessels could generate earnings after 2015. Failure of the offshore wind market to develop as we anticipate represents the biggest sensitivity to our forecasts.
Service business focus SeaEnergy is engaged in building and acquiring complementary service businesses, focused on the provision of operations and maintenance services to offshore wind farms and other offshore energy installations. We believe the market for offshore wind is poised for a period of sustained growth, offering SeaEnergy the opportunity to develop its business model. SeaEnergy has already made progress, acquiring Return to Scene (R2S), and establishing a nascent consultancy business, both of which provide services to the offshore energy market and will allow SeaEnergy to generate a more visible and predictable earnings stream in the future.
SeaEnergy’s strategy of establishing a business to service the needs of the offshore energy industry is well placed to exploit the growth we expect in this market and at the same time deliver a less-volatile earnings profile than the company has experienced in the past. Delivery of a recurring earnings stream could enable the company to close the significant gap that exists between the current share price and our SOTP valuation of 45p/share.
I have no idea what you're talking about! Hitachi ? In SeaEnergy ? Do you have the right thread ?!
Any one know if Hitachi have an interest here or is it a rumour?
The Directors buys?
oh and SeaEnergy has a 21% shareholding in Lansdowne Oil & Gas, valued at £15.9m on February 1st.
The company will pay a further £4.6m for R2S in addition to the latest £500,000 if its underlying earnings exceed £2.5m in the year to February 2014. The group also reported strong delivery from its new consultancy arm which was launched in September. Discussions have started at the offshore wind-power service vessels operation over a joint venture to enable it participate in a series of tenders and spread capital costs of vessels for which charters are secured. The move is part of plans to expand the consultancy operation this year. "I am very pleased that we are able to report significant delivery across all of the strands of the strategy we set out less than a year ago, and we are looking forward to updating the market on our further progress throughout 2013," Chairman, David Sigsworth, said.
SeaEnergy will pay a further 500,000 pounds to the owners of newly acquired energy services business Return to Scene (R2S) after the company met revenue targets ahead of schedule. The offshore services specialist said the integration of R2S has progressed well since it was purchased in August for £5m. "Despite delays to a number of offshore projects, caused by restrictions on platform bed space and the reduced availability of helicopter seats, following recent incidents, we are pleased to confirm that R2S has met its revenue target for the six months to February 2013 ahead of schedule and as a result a further £500,000 of consideration will be paid during March 2013," the company stated. R2S is close to securing new contracts in the North Sea and globally from existing and new customers. SeaEnergy added platform operators were increasingly recognising R2S software as it enhances safety, reduces the number of platform visits, cuts helicopter trips, frees up bed spaces and ultimately reduces operating costs.
My buy's not showing.. Weird
Ah signs of life, almost forgot we held these. BW
Well i sold a few looming tl get them back u der 30p so hope there is no news soon.
Been. Very busy this week! Lots of buys.
See pvr are looking good wonder when logp will dish out some news
Would like to add here but not sure when they release any news so keeping it as is.
Looks like they might get a cotract after all from the deal they made when they sold the 3 windfarm licences