LONDON (Alliance News) - SeaEnergy PLC on Friday said it has been placed into administration as marine engineering services company James Fisher & Sons PLC acquired the AIM-listed firm's Return to Scene Ltd business.
SeaEnergy shares were suspended in April pending clarification of its financial position, after which KPMG LLP was appointed to run an accelerated sales process.
Prior to the appointment of administrators to SeaEnergy, the company said the business, assets and employees of its SE Innovation Ltd unit were transferred to the Return to Scene subsidiary.
After this had occurred, and as confirmed on Friday, James Fisher struck a GBP1.9 million deal to acquire the Return to Scene business. Return to Scene provides visual asset-management photographic capture services, digital media services and forensic services to the oil & gas and security sectors.
James Fisher will pay GBP1.9 million upfront for the business and another GBP100,000 if Return to Scene wins certain contracts before the end of 2016.
All 33 employees of Return to Scene have been transferred under the deal. Of the remaining seven employees of SeaEnergy, three have been made redundant following the appointment of KPMG as administrator and four have been retained to assist KPMG.
"We are pleased to have concluded the sale of R2S to James Fisher, which will safeguard the majority of jobs within the group, maintain customer service, and provide the best outcome for SeaEnergy's creditors. Based on the information available at present, it is unlikely there will be any recovery for the shareholders," said Blair Nimmo, joint administrator for SeaEnergy and UK head of restructuring at KPMG.
Following SeaEnergy being placed into administration, WH Ireland Ltd resigned as its nominated adviser with immediate effect. If another adviser is not appointed within a month, SeaEnergy shares will be cancelled from AIM.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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