SeaEnergy's newly acquired Return to Scene business hits revenue targets

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.

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.

The company will pay a further £4.6m for R2S in addition to the latest £500,000 if its underlying earnings exceed £2.5m in the year to February 2014.

The group also reported strong delivery from its new consultancy arm which was launched in September.

Discussions have started at the offshore wind-power service vessels operation over a joint venture to enable it participate in a series of tenders and spread capital costs of vessels for which charters are secured.

The move is part of plans to expand the consultancy operation this year.

"I am very pleased that we are able to report significant delivery across all of the strands of the strategy we set out less than a year ago, and we are looking forward to updating the market on our further progress throughout 2013," Chairman, David Sigsworth, said.

Shares were up 4.0% to 29.25p at 11:54 Monday.

SeaEnergy has a 21% shareholding in Lansdowne Oil & Gas, valued at £15.9m on February 1st.

RD

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