sea4 Feb 2013 22:43
SeaEnergy will pay a further 500,000 pounds to the owners of newly acquired energy services business Return to Scene (R2S) after the company met revenue targets ahead of schedule.
The offshore services specialist said the integration of R2S has progressed well since it was purchased in August for £5m.
"Despite delays to a number of offshore projects, caused by restrictions on platform bed space and the reduced availability of helicopter seats, following recent incidents, we are pleased to confirm that R2S has met its revenue target for the six months to February 2013 ahead of schedule and as a result a further £500,000 of consideration will be paid during March 2013," the company stated.
R2S is close to securing new contracts in the North Sea and globally from existing and new customers.
SeaEnergy added platform operators were increasingly recognising R2S software as it enhances safety, reduces the number of platform visits, cuts helicopter trips, frees up bed spaces and ultimately reduces operating costs.