LONDON (Alliance News) - SeaEnergy PLC on Monday said it expects its 2014 results to be in line with its expectations after contract wins for its R2S business and a rise in revenue for its marine arm.
The offshore energy services company said it expects to meet expectations for the year to December 31 on the back of the performance of its R2S software, which was the main engine of growth for the company and which posted record revenue for the year.
It said its order book for the first half of 2015 for R2S is robust and said demand remains strong in the North Sea, the US and Mexico despite the fall in the oil price.
Revenue for its marine business rose over the year, boosted by a rise in the number of vessels under management. SeaEnergy said the marine business is profitable with three vessels under management, meaning adding further vessels will increase profitability.
It did add a note of caution over its stake in Lansdowne Oil & Gas PLC, which has seen its share price drop recently. SeaEnergy expects Lansdowne's shares price to recover once it secures a farm-out deal for the Barryroe project.
"We're very pleased to have achieved our expectations for 2014, and are looking forward confidently to continuing growth towards sustainable profitability this year and dividends in due course," said SeaEnergy Chairman David Sigsworth.
Shares in SeaEnergy were up 2.5% to 20.25 pence on Monday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Lansdowne Oil (LOGP)