SeaEnergy warns of full-year loss on oil weakness

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.

SeaEnergy has been hit by the oil downturn
SeaEnergy has been hit by the oil downturn

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.

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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.”