Troubled SeaEnergy finds buyer for Return to Scene unit

Offshore services firm SeaEnergy, which saw its shares suspended last month amid a funding crisis, today said it has selected a preferred bidder for its Return to Scene (R2S) arm.

SeaEnergy has lined up a possible buyer for its R2S division. Picture: Contributed

The Aberdeenshire-based company said the unnamed buyer, identified with help from advisers at KPMG, has made a non-refundable payment that will help to fund the group until the end of this month.

“The preferred bidder has indicated that it intends to acquire all aspects of the R2S business and it is planned for the disposal to be completed within a short timeframe,” SeaEnergy said.

“However, there can be no guarantee that the potential disposal will be completed. The directors anticipate that the proceeds of the potential disposal, if received, would be sufficient to repay the bank overdraft, nearly all of the group’s secured debt and a proportion of amounts owing to unsecured creditors.”

R2S helps oil and gas firms plan maintenance activities on offshore installations, and SeaEnergy’s other assets include an 18.67 per cent stake in Lansdowne Oil & Gas, the shares of which are also currently suspended from trading.

Aim-quoted SeaEnergy, which provides technical services and advice to the oil and gas, renewable and nuclear energy sectors, has been hit by the downturn in the energy sector that has seen many projects cancelled by customers. It recently said that trading conditions had “deteriorated further” since the start of the year, with more contracts pushed back.