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SeaEnergy to reinvest sale proceeds

MARINE power specialist SeaEnergy is looking to invest some of the £30 million it netted from the sale of its renewables arm in services for offshore wind farms.

By The Newsroom
Published 28th Jun 2011, 22:25 BST
Updated 30th Jun 2011, 00:20 BST

The Aberdeen-based firm yesterday unveiled a 5.7m loss for last year, down from a deficit of 6.5m in 2009. But it said the sale of its 80 per cent stake in renewables arm Serl meant it was sitting on 28m after clearing its debts.

Chairman Stephen Remp said: "Our focus is now on appropriate opportunities in both renewable energy and oil and gas. We believe that the provision of services for offshore renewables presents one of the greatest opportunities in the sector."

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As part of the Serl sale, SeaEnergy signed an agreement with Portuguese renewables company EDP Renovveis to collaborate on work on supply vessels and infrastructure.