AIM Soiree Butler SeaEnergy SEA.L

SeaEnergySeaEnergy PLC (formerly Ramco Energy plc), a Scottish public limited company, and its subsidiaries and associates form an energy group, headquartered in Aberdeen, Scotland. The Group is currently establishing an offshore energy services business, which aims to provide access and other services to the expanding offshore wind industry as well as to other offshore energy clients, and also holds a number of investments in oil and gas.

SeaEnergy is trading below the moving 50 day average and below the moving 200 day average on below-average volume.
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  • RNS by SlagChops
    Wed, 14 Jan 2015 08:02:00 GMT

    CANADA CONTRACT WIN FOR RETURN TO SCENE

    Return To Scene Limited, a wholly owned subsidiary of SeaEnergy PLC together with its Canadian distributor NSB Energy Inc., is delighted to announce the award of its first contract for the R2S photographic capture in Canada. The contract value is estimated at US$ 800,000.

    Return To Scene's innovative R2S visual asset management system provides high definition 360° spherical photography - photographically capturing offshore oil and gas assets and providing the user with a desk top visual, interactive walk around. The R2S photographic team is already on site in Canada.

    To date the R2S system has been used by 16 operators in the UK Continental Shelf, US Gulf of Mexico (GOM) and Mexico including BP, Chevron, Total, ConocoPhillips and PEMEX, on a diverse range of projects. Operators have identified improved resource efficiencies and R2S has also been credited with enhancing collaboration between multiple disciplines providing better planning, confidence and preparedness - benefits leading to tangible cost reductions and increased production.

    Bob Donnelly, Director of Business Development for SeaEnergy PLC commented that:

    "We are delighted to secure our first project in Canada as we continue to grow our presence in North America, supported by our team in Houston, and as part of the Group's wider internationalisation process."

    He continued: "We have a strong order book for 2015 and our look ahead for the first half of 2015 is particularly robust with a significant contribution from North America."

    Michael Critch, President and CEO of NSB Energy Inc., Canadian based distributor for R2S in Canada since 2012, commented that:

    "As an agent for oil and gas personnel and services, NSB Energy is excited to attract and leverage some of the best internationally recognised technologies for use offshore in Canada. This contract award demonstrates the importance of using the best technology the world has to offer to manage offshore facilities and optimise the recovery of Canada's offshore oil and gas resources. We are proud to facilitate and manage this great service provided by Return To Scene."

    By SlagChops
  • Re: Mello2014 investor event by lordbletherington-smythe
    Wed, 26 Nov 2014 18:30:00 GMT

    I asked the CEO at Mello whether they would need to raise funds. He gave a categoric 'no' answer. I actually think raising some funds to institutions only would be a good idea. This company needs institutions on its share register to give some oomph to the share. However, having bought back shares at 36p a couple of years ago, to issue shares below that now would look a bit silly, and would possibly imply that they dont see LOGP rising anytime soon. Given they are cash generative and profitable now, there is no urgent need. Even in the event they won a tender for their ships to service offshore wind farms, they have the option of raising debt finance. The directors and ex directors hold 25% of the shares, and almost half the staff have just participated in the SAYE scheme, so I doubt it is something we will see, certainly until the share rises to over 40p. As far as I can tell, the only cash committment they might need in the short term that cant be covered from existing income is some money for an Asian HQ for R2S, but as that will probably be a small rented office initially, that shouldn't need special funding. The free float of shares here is very small, which is why we saw the rises on mainly tiny volume, and why the opposite is happening now, also on tiny volume. The mms only make a market in 10k here, which is less than 3k's worth. I am hoping the new Nomad will change it to 25k, and better still, move it onto SETS, where institutions can directly get involved. The cash balance was approx 600k-700k on 30th June, and since then R2S has had a record quarter, and marine a further 2 ships under management, so its fair to assume that the cash balance is comfortably over 1mln. Or am I missing something?! By lordbletherington-smythe
  • Re: Mello2014 investor event by rollthediceagain
    Wed, 26 Nov 2014 12:27:00 GMT

    Quite like the look of Seaenergy, the fact they're confident of going into profit Q4 but low cash balances & reliance on overdraft facilities (rather than term debt) is a niggling doubt. This looks ripe for a placing. If they did so I'd buy a few! By rollthediceagain
  • Mello2014 investor event by davidosh
    Fri, 31 Oct 2014 06:12:00 GMT

    Just making sure that you are all aware that SEA are having a stand for three days and presenting on two of the days at the Mello2014 investor show in Derby next week.

    www.mello2014.com

    It is the first time this event has been held but there will be nearly 20 Keynote speakers. 50 listed companies and tens of investor focussed panel sessions and seminars to see during the three days from Thursday 6th November to Saturday 8th November.

    The list of keynote speakers is outstanding link By davidosh
  • info by forwardloop
    Thu, 09 Oct 2014 22:37:00 GMT

    link

    pg 63 By forwardloop
  • NO - we are not there yet! by woodcroft53
    Wed, 17 Sep 2014 03:14:00 GMT

    This continues to disappoint and frustrate. Going to be an extremely long haul IMO By woodcroft53
  • Re: ARE WE THERE YET by neilio
    Thu, 11 Sep 2014 09:30:00 GMT

    End of year should see overall profit. Get a vessel build contract and this will take off. By neilio
  • ARE WE THERE YET by PERPETUAL OPTIMIST
    Thu, 11 Sep 2014 08:37:00 GMT

    No; bottom line group profit remains elusive. Hopefully the second six months is not going to attract more reorganisation/startup costs. No doubt re SEA having an attractive product base. By PERPETUAL OPTIMIST
  • Re: Scottish Independence by PERPETUAL OPTIMIST
    Mon, 08 Sep 2014 19:20:00 GMT

    The company is the company; the business model remains the same. The growth potential remains the same. By PERPETUAL OPTIMIST
  • Scottish Independence by lordbletherington-smythe
    Mon, 08 Sep 2014 13:21:00 GMT

    How does a Yes vote affect SeaEnergy?

    In my mind, it makes no difference to R2S, Consulting sees a surge in business, and Marine has delays for tenders for a few months upto a couple of years. By lordbletherington-smythe
  • Re: Interims by PERPETUAL OPTIMIST
    Fri, 05 Sep 2014 10:19:00 GMT

    Interims will be released 11 September; see latest RNS re update. By PERPETUAL OPTIMIST
  • Interims by neilio
    Fri, 05 Sep 2014 10:11:00 GMT

    overdue. Hopefully waiting for other contract news to release at same time. By neilio
  • Bounce by neilio
    Fri, 29 Aug 2014 13:09:00 GMT

    Nice bounce lately. I hoped this is based on leaked half year figures in line with the previous RNS By neilio
  • Re: BUSINESS GROWTH by lordbletherington-smythe
    Mon, 18 Aug 2014 17:29:00 GMT

    There hasnt been much correlation for a while. LOGP have tumbled 80% or so in the last year, and SEA is pretty much flat in that time frame.

    Should LOGP surge back to 30p+, or have some positive corporate activity, then SEA will rise too, as its widely known that SEA will distribute most of the gains back to shareholders. Their cost is about £5mln, which is about 16p per LOGP share.

    Even if there was a takeover of LOGP at something like 25p, I would still expect SEA to benefit, as they would receive £7.5mln in cash, against their current market cap of about £19mln, which gives little value to their block holding in the illiquid LOGP shares. By lordbletherington-smythe
  • Re: BUSINESS GROWTH by david polson
    Sat, 16 Aug 2014 12:31:00 GMT

    Daft lad question, is there any/much correlation in the share prices of sea energy and landsdowne, or is the availabilty of shares over ride it?
    By david polson
  • Feedback from major global operator by mayfair21
    Fri, 30 Jan 2015 16:08:31 GMT

    I openly admit to averaging into SEA at these prices. With growth across all aspects of the business showing no sign of abating it continues to grown internationally, significant new contracts and a strong pipeline what continues to catch my attention in SEA's R2S VAM technology.

    link

    Feedback from one major global operator identified the time and cost savings realised through the use of R2S technology on just two intervention campaigns on its North Sea assets of c. US$20 million and has since deployed R2S in the Gulf of Mexico. I previously stating that SEA are looking to moving R2S VAM technology into new markets e.g. nuclear and thermal power generation, refineries, gas terminal and commercial shipping etc. I forgot to mention it also helping to fight crime. No end to it uses!

    link

    I know I am bias and the company is much unloved, but with upbeat full-year results to be released this quarter and a depressed valuation, at this price the share has to be a steal.
  • mayfair/bopd by alwayshopeful
    Fri, 16 Jan 2015 17:22:45 GMT

    I believe the sp here has been hammered by the decline in oil price but that just shows a lack of understanding of this share. R2S appears to be doing very nicely, results due soon should back this up. We won a canadian contract about 2 days ago. The vessels side of things remains to be seen. The wind industry is quite depressed at the moment, Tories don't like green energy however there is plenty of maintenance work to be had if the sea vessel ever makes any progress. Wind energy is booming in Japan at the moment, no surprises there.... I hope the sp makes some headway soon, it's quite depressing. In theory R2S is our golden egg but only time will tell.
  • RE: mayfair -eternal optimist by mayfair21
    Fri, 16 Jan 2015 14:10:04 GMT

    Fair point bopd, but a little to simplistic for my liking, unless we all live by the code of doom and gloom. One division of SEA which creates 80% of revenue: namely R2S Visual Asset Management technology achieved record turnover in the third quarter of 2014 with a and there is a strong order book for first half of 2015. Now this technology is now just oil specific it potential is greater and SEA are looking at moving into new markets e.g. nuclear and thermal power generation, refineries, gas terminal and commercial shipping etc. This coupled with the announcement that SEA will be moving into trading profit at the year end, driven by the continued growth of R2S and the consulting and marine business does make me an optimist. I cannot agree with your statement that oil companies only 'CUT', They will invest in technology that have a RTO and can produce cost saving for them. I hope you will revisit this site again end of March when final accounts are published to see whether we are closer to your 15p predication or my 45p predication . Good luck in your investments.
  • mayfair -eternal optimist by bopd
    Fri, 16 Jan 2015 13:05:38 GMT

    I hope you are correct with 45 in 9 months but 15 is more likely with a booming oil industry 28 was agood buyin prce but not now With the oil price the way it is and likely to continue at that level te oil companies dont economise as you presume thay CUT It would not surprise me if some of their existing contracts are not cancelled The North Sea needs $60 a barrel or some radical tax concessions
  • TAILENDER by mayfair21
    Wed, 14 Jan 2015 08:40:55 GMT

    i was trying to inform pre-Christmas that R2S Visual Asset Management technology is a cash machine during the turbulent oil crisis. It drives oil producers efficiencies and is a major cost saver. R2S achieved record turnover in the third quarter of 2014 and there is a strong order book for the first half of 2015. R2S is the key driver of profitability for SEA accounting for approx. 80% of revenues. You can see by the latest contract win its potential. Should also add the SEA have already announced the company are in profit. Finally, fear not the herd will arrive at some stage, mores the pity. I estimate 45p per share within next 9 months
  • SP by Tailender
    Tue, 13 Jan 2015 15:14:42 GMT

    Wise words, Mayfair, particularly about herd behaviour on AIM. SEA undervalued. End of story,
  • SOTP valuation of 45p per share by mayfair21
    Wed, 31 Dec 2014 19:31:47 GMT

    Happy New Year - let us recap on the CEO trading update comments "As we head towards the end of the year, we are delighted that the Company is on track to achieve a profit before tax and non recurring items in the current financial year." The CEO's declaration of profit for the year end should see a significant closing of the gap between the current share price and the SOTP valuation of 45p per share. This is my 2015 safe play stock that will realise a minimum 20% return Q1 with an 80% potential uplift if their LOGP legacy asset of £5m is cashed in (LOGP has imminent news of farm-out financial return - reflected in recent rise in share price), Happy Hunting for 2015
  • 4x EBITDA appears modest by mayfair21
    Mon, 22 Dec 2014 12:57:14 GMT

    SeaEnergy have demonstrated the progress made in building a business capable of delivering sustainable profits, with revenue +65.7% year-on-year, and at the operating line (before exceptional items) of being in profit in the next quarter with the year end results. SeaEnergy's R2S Visual Asset Management technology achieved record turnover in the third quarter of 2014 and there is a strong order book for the remainder of the year and for the first half of 2015. R2S is the key driver of profitablitly accounting for approx. 80% of revenues. Based on the acquisition price of £10m, the acquisition multiple of 4x EBITDA appears modest for such a high growth business. The company’s equity is being seriously undervalued on the above alone. There is also the legacy oil and gas asset (LOGP) where every 2p share move on LOGP share price equates to 1p on SEA. Following the todays RNS on the ruling in favour of Providence Resources v Transocean of which Lansdowne fully provided for the claim means LOGP can now make positive adjustment to their accounts. It also appear that Providence are shortly to be in a position to update shareholders on the Barryroe farm out process. This is all positive news for LOGP and should see their share price rise which will reflect on Sea-energy's share price. Of course disposal of this oil asset will also help reduce the gap between the market value and their asset-based valuation. A lot can change in a few weeks and I now move my neutral stance to buy. which I have done. Merry Christmas
  • Video presentation - CEO by mayfair21
    Fri, 19 Dec 2014 22:54:41 GMT

    link

  • RE: IC Tip by mayfair21
    Wed, 17 Dec 2014 16:44:43 GMT

    I agree with everything Thompson says, hence why I have invested in this stock. He is completely right that in this depressed market it is a great buying opportunity but will AIM investors see the potential for a great return on their investment prior to full year results next quarter that will show profit. My guess is not! there is to much herd mentality on AIM chasing rainbows rather than investing in clear fundamental that screams 'Profit'.
  • IC Tip by CaptainHindsight
    Wed, 17 Dec 2014 12:15:49 GMT

    Simon Thompson of Investors Chronicle today rates this as a BUY: 'Clearly, investors are worried that with the oil price under pressure then this will impact on demand for SeaEnergy’s services. However, this completely misses the point because if anything the need to keep costs down intensifies when the oil price is low and R2S offers a cost advantage to operators whereby they can monitor rig activity without making expensive offshore visits. Moreover, when SeaEnergy released its trading update early last month the company reported R2S had a strong order book for the rest of the year, and for the first half of 2015 too. The oil price had already fallen 29 per cent from its June high at that point, so if major oil operators were going to start deferring investment decisions then that process would have already begun. SeaEnergy may be unloved, but there is no getting away from the fact the company’s equity is being seriously undervalued. And with upbeat full-year results expected to be released in the first quarter next year, I view the current depressed valuation as a buying opportunity.'
  • RE: mayfair by mayfair21
    Wed, 17 Dec 2014 09:49:52 GMT

    Company on track to achive profit for year end. Recurring revenue should close gap between current share price and sum of part evaluation of approx 45p. However SEA do attribute value to the legacy asset of Lansdowne Oil and for this reason it is hard to give this share a strong buy rating while LOGP slumbers. To this end LOPG need to rise to approx 12p for this share to be a value for money share. Do hold a small investment in this share but only recommend a neutral stance at present. One to watch maybe.
  • mayfair by jollyspeculator
    Tue, 16 Dec 2014 12:11:50 GMT

    an credible forecasts on core business here?
  • RE: LOGP down a lot by mayfair21
    Fri, 05 Dec 2014 15:06:38 GMT

    I note. SEA only hold as a legacy asset as they pulled out of oil investment a while back. So it is a bit extra on the side, the bonus if you like, albeit a small one at present. Still only paper loss at moment.
  • LOGP down a lot by jollyspeculator
    Fri, 05 Dec 2014 10:08:36 GMT

    ..