Seascape Energy Regulatory News (SEA)

11 June 2014

SeaEnergy PLC

SHIP MANAGEMENT JOINT VENTURE

SeaEnergy PLC, the innovation-led offshore energy services business, is pleased to announce that its subsidiary SeaEnergy Ship Management Limited ("SEASM") has entered into a 51:49 joint venture ("JV") with Go Offshore (Asia) Pte Ltd ("GO") a Singapore based shipping company, with SEASM having 51%.

The JV called GOSeaEnergy Ship Management Limited ("GOSeaEnergy") will manage GO's vessels in U.K., European and adjacent waters. The JV commences business by assuming the management of the MV Surf Ranger, which was already under SEASM management.

A second vessel, the GO Pegasus, an anchor handler (AHTS), is scheduled to arrive in Europe from the Far East during the summer and other GO vessels are expected to come under the JV's management during the course of this year.

SeaEnergy and GO are also focussed on the construction and operation of accommodation and maintenance vessels for offshore wind farm and oil & gas support using SeaEnergy's high performance dynamically positioned walk-to-work designs. SeaEnergy and GO are already actively tendering together for the provision of such vessels to clients, combining SeaEnergy's detailed knowledge of offshore wind and specialised vessel design expertise with GO's operational experience and financial strength and SEASM's extensive management experience of these vessel types.

Commenting on the JV and the wider relationship with GO, Mike Comerford, SeaEnergy's Operations Director and first Chairman of GOSeaEnergy said: "We are delighted to be managing GO's vessels in the region and look forward to working closely with GO over the years to come both in the ship management joint venture and in advancing our plans and aspirations for offshore wind farm support vessels, where we are seeing an increase in tendering activity."

Garrick Stanley CEO of Otto Marine said "This is an important step in broadening our operational capability locally in European waters and we are delighted to be working with SeaEnergy in the region."

Notes

About SeaEnergy PLC:

SeaEnergy PLC is an innovation-led offshore energy services business, based in Aberdeen, Scotland and listed on the London Stock Exchange's AIM Market. The Group's three active divisions comprise R2S, Consulting and Marine. R2S provides photographic capture and three dimensional modelling of oil & gas installations, linking these images to asset management databases for major international oil operators, allowing them to improve the performance of their assets whilst providing operational efficiencies. The Consulting division delivers strategic support for companies in offshore energy, helping them to improve asset integrity, reduce costs and improve output. The Marine division offers ship management services for offshore vessels in both oil & gas and offshore wind roles and is actively participating in tenders for the provision of purpose built offshore wind farm support vessels.

About GO and Otto Marine Limited: 

GO Offshore (Asia) Pte Ltd is a subsidiary of Otto Marine Limited a Singapore listed shipping focused offshore marine group. Otto owns and operates one of the largest fleets (currently 65 vessels) of offshore support vessels with a worldwide presence, complemented by a technically proven shipyard located in Batam, Indonesia which provides ship repair, maintenance and conversion to both Otto's fleet and third party customers.

Otto vessels are deployed globally in the major offshore oil and gas markets, providing quality service and support to national oil companies, international oil majors and other upstream players, with the broader objective of providing global energy solutions.

For further information contact:

www.seaenergy-plc.com

www.seasm.com