Exclusivity Agreement & Loan Repayment Extension

Date: 3 May 2011

SeaEnergy PLC

("SeaEnergy" or the "Company")

Exclusivity Agreement & Repayment Terms of Existing Loan Facility Extended

SeaEnergy plc (AIM: SEA) announces today that it has reached agreement with a consortium of major European energy companies ("the Consortium") to grant a period of exclusivity to negotiate the sale ("the Transaction") of the Company's 80.13% interest in its subsidiary SeaEnergy Renewables Limited ("SERL"). 

Due diligence is already in progress and the agreement contemplates the signature of formal documentation by early June when the Company would make a further announcement. It is then expected that, in accordance with the AIM rules, the Company would convene a general meeting to obtain shareholder approval of the Transaction with the intention of completing the transaction at the end of June. A member of the Consortium has agreed to advance loan facilities to assist the Company and these loans would be repayable out of the proceeds of any sale.

Meanwhile the Company has agreed a further extension to the terms of an existing loan facility until the earlier of 30 June 2011 or completion of the Transaction. The facility is provided by LC Capital Master Fund, Ltd ("LC"), a major shareholder in SeaEnergy and follows an announcement on 31 March 2011 that LC had agreed an extension to 30 April 2011. At this time £370,000 remains to be drawn of the £4.3 million facility provided by LC.

While there can be no certainty that the current negotiations will result in a successful completion of the Transaction, these negotiations are at an advanced stage.

-Ends-

For further information contact:

SeaEnergy PLC +44 1224 748480

Steven Bertram, Managing Director

Ambrian Partners Limited - NOMAD & Broker +44 20 7634 4700

Andrew Craig, Ben Wright

Kreab Gavin Anderson +44 20 7074 1800

Ken Cronin, Andrew Jones, Kate Hill

NOTES TO EDITORS

SeaEnergy PLC

SeaEnergy PLC is the only listed pure play offshore wind energy company in the UK. SeaEnergy Renewables Limited (SERL) is a subsidiary of the Company and is made up of the team which conceived, developed and delivered the world's first deep water wind farm development - the Beatrice Demonstrator offshore wind farm (10MW) (the "Beatrice Demonstrator Project") which is owned and operated by Talisman Energy. The Beatrice Demonstrator Project involved the installation of the two largest wind turbines (5MW each) ever deployed offshore, at water depths of 45 metres. This, combined with the SERL team's expertise in delivering deep water offshore developments in the oil and gas industry, puts SeaEnergy in an unrivalled position at the vanguard of the emerging offshore renewables industry.

Prior to the UK Round 3 award SeaEnergy had secured a 25% interest in two Scottish offshore wind farm sites, Beatrice and Inch Cape. The award of Zone 1 in the UK Round 3 leasing programme with partners EDP Renováveis takes SeaEnergy's net capacity in the UK to over 781MW. SeaEnergy has also signed a Heads of Terms Agreement to develop offshore wind farms in Taiwan with Taiwan Generations Corporation and a Strategic Cooperation Agreement with Nantong COSCO Ship Steel Structure Co. Ltd (NCSC) to develop and market steel structures for the offshore wind industry.

www.seaenergy-plc.com