£2m wiped off Remp’s shares in SeaEnergy

Steve Remp. Picture: Contributed
Steve Remp. Picture: Contributed
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ENERGY entrepreneur Steve Remp has seen more than £2 million wiped off his paper fortune as the share price of the company he founded has tumbled.

Remp is the largest shareholder in Aberdeenshire-based SeaEnergy, which was born out of Ramco, the oil and gas firm he founded more than 35 years ago.

Although he left the company in 2012, Remp has hung on to 4.2 million of its shares, which represents a stake of around 7.5 per cent in the ­business.

Shares in the energy services company have had a difficult time in recent years with the collapse in the oil price among the factors which have contributed to the firm losing more than three-quarters of its stock market value so far this year.

In June 2011 the shares hit 69.5p, but have since fallen to stand at Friday’s close of 5.25p, hovering just above their low of 4.37p seen last month, and valuing the company at just under £3m.

The shares had seen a spike in October but they fell back after the firm issued a stock market announcement to say it knew of no reason behind the share price movement. In September, SeaEnergy warned it would not meet its full-year expectations and said it expects to make an operating loss in 2015 before returning to profitability in 2016.

The group, which provides technical services and advice to the oil and gas, renewable and nuclear energy sectors, said that though the last quarter of the calendar year has historically been its busiest and that it was seeing an increase in inquiries, the exact timing of any orders was uncertain and it believed earlier expectations of performance will not be met.

Last week SeaEnergy ann­ounced that it has won an award for innovation at the Oil & Gas UK Awards for its R2S system, which aims to increase operational safety and lower costs by reducing the need to visit offshore sites.

The system is currently being trialled in support of the decommissioning of the Dounreay nuclear site in Caithness.

Although Remp has taken a hit on his shares in the company since he left, he had been awarded a £1.7m bonus shortly before he departed.

The payment was part of a £2.86m “profit bonus” pool shared by three executive dir­ectors at SeaEnergy after the business had recorded a bumper £25.3m profit.

Remp had stepped down from his role as executive chairman following a change in the firm’s strategic focus. He received compensation of £503,000 and was given non-core group oil and gas interests in Montenegro.

The company had historically held interests in exploration offshore Montenegro, which had been the subject of disputes with the government there for a number of years.

Earlier this year, SeaEnergy said that Remp had secured the funding to pursue a substantial arbitration claim against the government of Montenegro in relation to the disputed joint venture interests held by one of the two subsidiaries.

Remp has also launched a dispute resolution firm aimed at the energy sector. Ramco Litigation Funding launched its first case in May.