Seascape Energy Regulatory News (SEA)

29 June 2011

SeaEnergy PLC

("SeaEnergy" or the "Company")

Completion of the disposal of SeaEnergy Renewables Limited

SeaEnergy PLC is pleased to announce that it has today completed the disposal of its entire interest in SeaEnergy Renewables Limited ("SERL") to Repsol Nuevas Energias S.A. ("Repsol") (the "Disposal"). The Disposal was originally announced on June 6th and received the approval of the Company's shareholders in General Meeting on June 22nd.

The Company has disposed of its 80.13% interest in SERL and has now received both the cash consideration and, following completion, the repayment of debt owed to the Company by SERL. After a pre-completion adjustment of £0.2 million the cash consideration and repayment of debt totalled £38.6 million, from which a £3 million retention has been withheld and which will be released to the Company on 28 June 2012 in the absence of any warranty or other contractual claims. As disclosed in the Circular calling the General Meeting the Company has immediately repaid loans due to LC Capital Master Fund, Ltd and EDPR UK Limited totalling £6.9m.

Repsol and EDP Renováveis ("EDPR") have agreed to further develop two of the projects in which SERL has an interest. The Disposal included a Strategic Co-operation Agreement between EDPR and SeaEnergy to seek opportunities for mutual collaboration in relation to the supply by SeaEnergy Marine of operations and maintenance vessels, field infrastructure and equipment installation vessels for offshore wind farms, and any other areas that may arise in the future. This agreement has also been concluded today.

SeaEnergy will now focus on its existing assets, in particular its offshore renewables marine services business SeaEnergy Marine, and to ensure that shareholder value is protected with its existing Oil & Gas interests. The Board expects the Company to continue to be active in both the offshore renewables and oil & gas sectors going forward.

-Ends-

For further information contact:

www.seaenergy-plc.com

Notes to Editors

SeaEnergy Marine

SeaEnergy Marine has been in development for 12 months as a result of the Company's efforts to identify complementary opportunities which offer potential cash generation in the near term. A proportion of the proceeds from the Disposal are intended to be applied to take SeaEnergy's marine services business to the next stage.

The Company believes that a significant opportunity exists as a result of the large numbers of offshore wind turbines expected to be installed in UK and European waters over the coming years. These installations are expected to result in strong and growing demand for construction and operations and maintenance service solutions.

However, ensuring safe and reliable access to offshore turbines is at present a significant limiting factor for the industry, with the workboats currently in operation in the UK typically operating in wave heights of no more than 1.5 metres and within just 60 miles of a safe harbour. This presents issues in relation to turbine access and this problem is expected to worsen as wind farms are developed further from shore. SeaEnergy has developed a vessel concept which it believes will address this challenge and therefore improve the delivery of offshore wind economics. The Company is also developing an additional concept for dedicated onshore assembly and commissioning yards to serve the marine renewables industry.

The Company aims to pursue its plans for the construction of the first SeaEnergy Marine operations and maintenance vessel, once a charter has been secured on acceptable terms. The Company is in the process of submitting tenders for construction and operation and maintenance contracts with major offshore wind companies with a view to developing bespoke, highly engineered vessels.