SeaEnergy shares take a dip despite maiden profit

SHARES in Aberdeen-based offshore services group SeaEnergy fell sharply yesterday despite posting its first operating profit.

Bob Donnelly, business development manager at SeaEnergy. Picture: Contributed

The company also said it was withdrawing from tendering for contracts to build vessels to ­service the offshore wind farm industry and would instead focus on its asset management software arm, which helps oil and gas operators cut costs, and consulting services. SeaEnergy said it would now look to generate returns from the designs it has already developed for vessels through the consulting business.

Revenues rose by 45 per cent to £7.4 million and the firm made an operating profit before non-recurring expenses of £151,000 against a loss of £370,000 in 2013. But after impairment charges of £2.3m to its investment in listed Irish explorer Lansdowne Oil & Gas, bottom-line losses rose to £2.5m from £800,000.

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Chairman David Sigsworth said it had been a resilient performance in the face of weaker oil prices and said the board was “confident that its new focus will enable the company to achieve faster growth in the months and years ahead”.

Shares in SeaEnergy fell 13.5 per cent, or 3.25p, to close at 20.75p.