Acquisitive SeaEnergy snaps up 3D model maker in £10m deal

ENERGY services group Sea-Energy yesterday snapped up 3D computer model maker Return To Scene (R2S) in a deal worth up to £10 million.

Aberdeen-based SeaEnergy, which has oil and gas investments and is pushing into the supply chain for the offshore renewable energy sector, will pay £5m up-front for its fellow Granite City company.

A further £500,000 will be paid in March if R2S hits turnover targets, with £4.6m on offer in 2014 if profit performance hits expectations.

R2S developed its software for use by courts and police forces to recreate crime scenes before expanding into the oil and gas industry by building models of oil rigs.

The technology company made a profit of £500,000 in the year to 29 February on the back of £2m in turnover.

R2S currently operates in the North Sea but SeaEnergy wants to expand the business overseas.

David Sigsworth, SeaEnergy’s chairman, said: “The acquisition of profitable and growing businesses is one strand of our strategy for building an energy services company, alongside the development of offshore wind support vessels and additional business services for the energy industry.

“R2S has already built a very impressive client base and its well-earned reputation is now leading to the opening of international market opportunities.”

John Aldersey-Williams, SeaEnergy’s chief executive, added: “R2S is an ideal acquisition for SeaEnergy – it is innovative, fast-growing, has great synergies with our other plans and activities in the renewables and oil and gas sectors and, as part of the SeaEnergy Group, it can be encouraged to achieve its full growth potential.”

SeaEnergy is sitting on a £22m war chest following last year’s £50m sale of its renewable energy arm to Spanish oil giant Repsol.