LONDON (Alliance News) - SeaEnergy PLC Thursday said that its R2S business and Consultancy operations are making progress and that it is in discussions with potential joint venture partners over its Marine operations.
The Scotland-based energy services company said its R2S business has had a positive start to the year and is on target to hit earn-out target for the year ending February 28. SeaEnergy acquired the business in August 2012.
R2S is a visual asset management business used by large North Sea oil and gas operators.
SeaEnergy said R2S has successfully completed a number of contracts in the UK North Sea, Gulf of Mexico and in Mexico itself, while it looks to benefit from the introduction of new software at the end of 2013.
The company added that its consultancy operations are making continued progress and are extending contracts, including contracts with onshore wind farm operator DONG and conglomerate Carbon Trust Offshore Wind Accelerator.
SeaEnergy also said it is in discussions with potential joint venture partners to strengthen the company's marine business. It said the division is actively seeking ship management contracts for third party vessel owners, and is in discussions regarding a potential joint venture arrangement which would secure its first vessels under management.
"Looking ahead, 2014 is set to be another strong year for SeaEnergy as we fully integrate R2S and grow our offering through each of our divisions," Chairman David Sigsworth said in a statement.
SeaEnergy shares were up 5.3% to 40.00 pence Thursday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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