SeaEnergy warns of full-year loss on oil weakness

SeaEnergy has been hit by the oil downturn
SeaEnergy has been hit by the oil downturn
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Offshore services group SeaEnergy today warned that its full-year performance will fall short of previous hopes amid the downturn in the oil and gas sector.

The Aberdeen-based firm, which is moving out of the ship management business, issued the alert as it posted wider operating losses of £881,000 for the six months to the end of June, up from £22,000 a year ago.

Revenues from continuing operations dropped 28 per cent to £1.8 million, with business levels across the group affected by the oil price weakness.

SeaEnergy said: “The company considers that it is no longer confident that it can meet its previous expectations of performance and now anticipates an operating loss for 2015 before a recovery into profitability in 2016.”