SeaEnergy's maiden results to be hurt by drop in oil prices

Shares in SeaEnergy plunged on Tuesday as the continuing drop in oil prices hurt activity levels in its oil and gas services sector, with project delays affecting full-year revenues.As a result, the energy group said it does not expect to achieve the previous forecast turnover for the year.The oil price will hurt mostly its mature basins such as the North Sea, while revenues in its Visual Asset Management service will be below 2014 as a result of project delays and budget freezes.Furthermore, the group has decided to close its ship management and legacy assets businesses, and is currently looking into exit strategies.On the bright side, the forensic division is ahead of expectations thanks to strong sales of software licenses in the US."Our international expansion, focussed on R2S Visual Asset Management and associated consulting services, is accelerating and is expected to generate significant growth in revenue and earnings into the future," SeaEnergy said in a statement.Following the news, shares fell 28.31% to 14.88p on Tuesday at 11:40.