2 Jun 2008 07:00
Ramco Energy plc
("Ramco" or the "Company")
Launch of Renewables Subsidiary
Ramco is pleased to announce that it has participated in the formation of a new subsidiary, SeaEnergy Renewables Limited ("SeaEnergy"), in which it has an 88 per cent. interest, with the founding management team owning the remaining interest.
SeaEnergy has been created to exploit the global opportunities for large scale offshore wind farm development. SeaEnergy has assembled a leading offshore wind farm development team; which will now, with Ramco's support, bring their combined extensive offshore expertise to the development of deep water offshore wind farms.
The SeaEnergy team has decades of experience in the offshore oil and gas industry and most recently completed the Beatrice Wind Farm development for Talisman Energy and Scottish and Southern Energy. Ramco will also provide the team with corporate and project finance expertise as well as the experience of building and managing large consortia to develop and support projects of the magnitude required for large-scale offshore wind farm developments.
The team, through the Beatrice Wind Farm development, have delivered a series of "first ever" feats never before attempted in offshore wind farm development, including:
The first ever use of the world's largest wind turbine (5MW) offshore
The first ever use a "jacket" subsea structure for an offshore wind turbine
The first ever deployment of a wind turbine in deepwater (45 metres)
The first ever assembly of a turbine, tower, rotor, and blades onshore for installation in one piece offshore
SeaEnergy's strategy is to develop, project manage, own and operate large-scale offshore deepwater (20m - 50m) wind farms, with significant generating capacity. This market is growing significantly with the wind industry growing at 10-15 per cent. globally, and new aggressive renewable energy targets mandated across the EU. SeaEnergy has already identified a number of potential opportunities which the team are looking to develop, initially these are expected to be in the EU.
Steve Remp, Chairman of Ramco, said:
"I have been searching for the right entry point to the marine renewables business since first realising the enormous future potential that this industry has. With the Beatrice wind farm team in place, I believe SeaEnergy has the key to start to unlock that potential.
There is a real opportunity for Scotland to capture a lead in offshore wind technology in much the same way that it has in the offshore oil and gas industry. There is no reason why the growth in offshore wind can't pick up the slack as offshore oil and gas declines in the years ahead.
SeaEnergy will be working hard to make that happen."
2 June 2008
ENQUIRIES:
| Ramco Energy plc | ||
| Steven Bertram | Managing Director | 01224 748480 |
| John East & Partners Limited | ||
| David Worlidge | 020 7628 2200 | |
| College Hill | ||
| Nick Elwes | 020 7457 2020 |
www.ramco-plc.com
SEA.L (SEA)