comment form Oilvoice today24 Feb 2012 18:01
Last summer's disposal of SeaEnergy Renewables has strengthened SeaEnergy's financial position. The company has concluded that it should use part of this cash to build and acquire complementary service businesses, including those servicing the offshore wind market, which provide a sustainable and cash generative business model. However, the company is also considering a return of capital to shareholders and will announce the conclusion of its deliberations in April, at the time of its results. Prior to April we expect an announcement of the appointment of a new Chief Executive to replace the recently departed Steve Remp. The market currently values SeaEnergy at less than net cash and the value of its holding in Lansdowne Oil & Gas (combined value of 46p/share).