Losses narrow at SeaEnergy

Published on 29/09/2012 00:00

SeaEnergy, the Aberdeen-based oil and gas services firm, narrowed its half-year losses to £1.7 million from £4.4m as the Aim-quoted company continues to turn itself from an investment vehicle into a services business.

The firm recently received a request of information for an operation and maintenance vessel for offshore wind farms, one of the service areas into which SeaEnergy is trying to expand. It has also returned £7m of cash to shareholders.

In contrast, interim losses at Lansdowne Oil & Gas, the Aim-quoted explorer in which SeaEnergy holds a 25 per cent stake, widened to £620,000 from £429,000 as it gears up for further tests on its Barryroe well, which could become Ireland’s first commercial oil well.