SeaEnergy PLC

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SeaEnergy PLC (formerly Ramco Energy plc) is a Scottish public limited company headquartered in Aberdeen, Scotland.

In September 2009 the board announced the intention to focus the group on renewable energy, specifically offshore wind. SeaEnergy in mid-2010 specified it would concentrate on marine services for the offshore wind power industry, following an assessment of the equity markets, investor sentiment and the funding environment. 

It is in the process of selling its 80%-held renewable energy operating subsidiary SeaEnergy Renewables Limited which currently has interests in three offshore wind farm projects in development, totalling 3,125GW of capacity.

Website:
http://www.seaenergy-plc.com/
Phone:
01224 74 8480
Address:
Britannia House, Endeavour Drive, Arnhall Business Park, Westhill, Aberdeenshire AB32 6UF.
Super Sector:
Cleantech and Renewable Energy
Sector:
Oil & Gas Producers
Industry:
Exploration & Production
EPIC / Symbols:
LON:SEA
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Sector: Oil & Gas Producers

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Current Statement

SeaEnergy PLC (formerly Ramco Energy plc) is the UK's only quoted pure play offshore wind development company. Based in Aberdeen, Scotland. SeaEnergy is AIM listed under the ticker SEA.

In September 2009 the Board of Ramco Energy plc made the strategic decision to exit its oil & gas investments over time and focus purely on its offshore wind business changing the company's name to SeaEnergy PLC.

SeaEnergy PLC, through its 80% subsidiary SeaEnergy Renewables Limited, has interests in three UK offshore wind farm sites, Beatrice in a joint venture with SSE Renewables, Moray Firth with EDPR and Inch Cape. The Group has also signed a heads of terms agreement to access offshore wind farm projects in Taiwan.

The SeaEnergy Renewables team whilst working for Talisman Energy and Scottish & Southern Energy were the team responsible for conceiving, developing and delivering the Beatrice Wind Farm Demonstrator Project. 

 

 

Current Operations
Oil & Gas Interests

The Company’s portfolio of oil and gas interests are either minority stakes or non-operated assets and it is the Board’s intention to dispose of these interests in an orderly manner over time. The Board does not expect that any further significant funds will be committed to the oil and gas assets unless required, in the opinion of the Directors, to preserve their value, and therefore shareholder value, ahead of any realisation.

(a) Lansdowne Oil & Gas plc


The Company currently holds a 24.68 per cent interest in Lansdowne which is itself AIM listed.

Lansdowne holds extensive acreage on the Celtic Sea off the south coast of Ireland. Further details can be found on their website.

www.lansdowneoilandgas.com

www.mesopotamiapetroleum.com

(b) Mesopotamia Petroleum Company (MPC)


The Company holds a 40.21 per cent stake in an associated company, MPC, of which Stephen Remp is currently Chairman. In February 2009 MPC signed a JV agreement with IDC, the Iraqi state-owned drilling company, to create IOSCO. We announced on 8 July 2009 that IDC had ended the IOSCO JV as MPC had failed to meet a funding deadline. The MPC Board remains as committed as ever to building a presence in Iraq and since that date has been pursuing the re-instatement of the JV. The Board of MPC believe that the market opportunity for delivering shareholder value in Iraq, through the establishment of an oil service JV that is focused on drilling high productivity wells and increasing Iraq’s oil production, remains highly attractive.

The Board of MPC has reached agreement with all of its creditors for the deferral of their claims. The objective of this approach is to allow MPC to continue in business while it awaits an improvement in both the situation in Iraq and the financial markets generally. The MPC Board continues to believe that there will be tangible opportunities for MPC as those improvements occur and at that time MPC will seek to raise sufficient funding both to secure its future plans and repay the creditors claims.

MPC has meantime reduced its activities and its expenditure whilst continuing to monitor the situation and opportunities in Iraq. In order to fund ongoing near term activities, a number of existing MPC shareholders have agreed to inject £50,000 through the issue of new shares in MPC. As a result of this share issue SeaEnergy’s holding in MPC increased to 40.21%.

(c) Eagle HC Limited
Eagle is owned 100 per cent by The Company and has royalty interests in a number of North Sea blocks. Whilst none of the blocks are currently producing, two have had hydrocarbon discoveries drilled on them.

(d) Other Oil & Gas interests
The Company holds a small royalty interest onshore Bulgaria, over acreage shortly due to commence production, and an interest in acreage offshore Montenegro, which is currently the subject of a dispute with the Montenegrin authorities. It is expected that as the Bulgarian acreage moves into production and the royalty starts to generate cash flow that there will be buyers for the royalty. It is unlikely that we will find a buyer for our interests in Montenegro unless and until the dispute is successfully resolved.

Renewables

SeaEnergy PLC plans to build a renewables division of scale. Currently, we are focused on the growth of our operating division, SeaEnergy Marine, whose mission is to design, build and operate state of the art vessels to meet the specialised needs of the offshore wind industry.

Through the integration of leading edge proven technology these bespoke marine assets maximise the economic value of offshore wind farms by creating the widest window of safe reliable access during the Commissioning and Service phases.
Managment

SeaEnergy PLC Board Members- - For more in depth information on the Directors, please click here

 

Stephen E Remp BA MA Hon D - Tech Executive Chairman

Appointed August 1977. Steve, an American, came to Scotland in 1971 and in 1977 founded Ramco. Steve was educated in Europe and the US, obtaining a BA in Economics from Claremont College in California and an MA in International Economics from the School of Advanced International Studies, Johns Hopkins University, Washington DC.

 

Steven R Bertram MA (Hons) CA Dip BA - Managing Director

Appointed as Finance Director in 1991 and became Managing Director in June 2005. Steven joined Ramco in 1986 and, during his time as Finance Director, guided Ramco’s financial affairs from its original USM listing through its international offer and listing on the American Stock Exchange in 1997 and its move to AIM. Steven has an MA Honours degree in Economics with Accountancy from Aberdeen University and qualified as a Chartered Accountant with Arthur Young in 1984.

 

Christopher G Moar MA CA Finance Director & Company Secretary

 

Appointed as Finance Director in November 2006. Chris joined Ramco in 1993 and was appointed Company Secretary in December 1996. Prior to this he was a planning and financial accountant for Baker Oil Tools (United Kingdom) Limited. Chris has an MA degree in Accountancy from Aberdeen University and qualified as a Chartered Accountant with Arthur Young in 1987.

Non-Executive Directors:

 

David Sigsworth Non-Executive Director

 

John H Aldersey-Williams Non-Executive Director

 

Steven G Lampe Non-Executive Director

(no image available)

 

David K Laing Non-Executive Director

Corporate Information

Professional Advisors

Contact Information

SeaEnergy PLC

(Registered Office)
Britannia House
Endeavour Drive
Arnhall Business Park
Westhill
Aberdeenshire
AB32 6UF
United Kingdom
Tel: +44 (0)1224 748480
Fax: +44 (0)1224 748481
info@seaenergy-plc.com

 


 

Major Shareholders

The following table sets forth a list of stockholders having to the knowledge of the Company, a direct or indirect interest in three percent or more of the voting rights of the Company and their holdings as of April 25, 2011.


Shareholder Number of Common Shares Percentage of Total Voting Rights(1)
Camden Partners Strategic Manager, LLC 6,747,056 12%
Kinderhook Partners, L.P. 5,502,165 10%
Andwel Partners and Trust 5,034,776(2) 9%
Andrew Paul 4,126,390 (3) 7%
FIL Limited 4,078,000 7%
Blackrock, Inc. 4,054,978 7%
Inter-Atlantic Fund, LP 3,149,348(4) 5%
Integrated Core Strategies (Europe) S.a.r.l. 1,821,052 3%
Philip D. Beck 1,477,128(5) 3%

(1) Percentage ownership is based on 57,571,612 Common Shares, comprising 50,720,468 Common Shares issued and outstanding as of April 25, 2011 and 6,851,144 Common Shares arising on conversion of 2,243,750 Series A Preferred Shares, which were issued and outstanding as of that date.
(2) Includes Common Shares arising upon conversion of Series A Preferred Shares.
(3) Includes Common Shares arising upon conversion of Series A Preferred Shares.
(4) In addition, the Fund holds Warrants to purchase 1,381,717 Common Shares, which are not reflected in this table. 
(5) Includes 22,000 shares held by BDP Realty Associates, LLC in which Mr. Beck holds a one-third membership interest. In addition, Mr. Beck holds stock options to purchase an aggregate of 1,072,991 Common Shares, which are not reflected in this table.

 

Updated from the company website 25.10.11

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