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LONDON (Alliance News) - SeaEnergy PLC on Tuesday said it has struck a deal with a potential bidder for one of its businesses that will provide funds to keep the company going for a matter of weeks as it hopes to sell its Return to Scene business as soon as possible so it can repay its debts.
Return to Scene is a wholly-owned subsidiary of SeaEnergy broken down into three units: R2S Visual Asset Management, R2S Forensic and MAX & CO.
The visual asset management unit provides software to the oil and gas, maritime and commercial sectors, whilst the Forensic unit provides technical services to the public and private sectors which is used to conduct investigations into criminal activity or accidents. The third unit, MAX & CO, provides media and consultancy, specialising in high-end creative and technical multimedia applications.
SeaEnergy has given a potential bidder exclusivity over the Return to Scene arm which, if sold in time, could clear the majority of SeaEnergy's debt but also leave the company with little opportunity to deliver value to its shareholders.
SeaEnergy shares were down 12% to 2.10 pence per share on Tuesday morning.
The offshore energy services business put the Return to Scene unit up for sale earlier this year and said it has chosen its preferred bidder and awarded them exclusivity in return for a non-refundable payment.
Importantly, SeaEnergy said the potential buyer, which was not named, aims to acquire all of the assets of the business and to complete the seal "within a short timeframe".
The company is hoping to offload the business as soon as possible as it believes the proceeds will be enough not only to pay off its overdraft but to also clear "nearly all" of the company's secured debt and a proportion of debt owed to unsecured creditors, SeaEnergy said.
The non-refundable payment paid by the potential buyer will keep SeaEnergy going until the end of May, suggesting a deal could be completed before the end of the month.
Although SeaEnergy has made progress in selling the Return to Scene business, the company admitted any value for shareholders will have to come from its investments moving forward.
"The group has other assets, including an 18.67% interest in Lansdowne Oil & Gas PLC (the shares of which are currently suspended from trading) and two UK royalty interests. Any value for shareholders is likely to depend on the realisation of these assets," said the company.
"Further updates will be made in due course and the shares of the company remain suspended from trading pending clarification of the financial position," SeaEnergy added.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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