The firm recently called 2011 a "transformational" year when it disposed of its windfarm business -  SERL - and refocused strategy on building an energy services business.

"SeaEnergy’s 2011 results were dominated by the gain of £32.8 mln generated from the disposal of its holding in Sea Energy Renewables Limited (SERL)," said Edison analyst Graeme Moyse, who added that the headline numbers had been broadly in line with his expectations.

Following the SERL disposal, the company has decided to return £6.9 million, or 10 pence per share, to shareholders.

Beyond this return, expected later this summer, said Moyse, the firm's future depended on its ability to develop its offshore wind service business.

In a three pronged strategy, it will first attempt to leverage its design for an offshore wind farm support vessel by reaching agreement with a large owner of vessels.

Secondly, it will seek to buy small profitable businesses that offer O&M (operations and maintenance) services, which complement SeaEnergy’s activities, while the third leg is to develop businesses that offer consulting services to the offshore wind market, said the analyst.

"Successful execution of this strategy will be crucial in the development of the share price," said the analyst. 

Recently, the strong performance of Celtic Sea explorer Lansdowne Oil & Gas (LON:LOGP), in which SeaEnergy holds a 24.68 per cent stake, has supported the firm's share price, says Moyse.

However, there was still a significant gap between the market price of SeaEnergy (29 pence a share), and the value of its cash balance (32 pence a share) and its stake in Lansdowne (17pence a share), he said.

"No value is being accorded currently to SeaEnergy’s activities in the offshore wind market."

Sea Energy posted a profit of £25.3 million last year after making a loss of £5.7 million in 2010, while EPS stood at 37.08 pence compared with losses per share of 7.65 pence in the previous year.

SeaEnergy (LON:SEA) called 2011 a “transformational” year as it saw the Aberdeen-based group dispose of its windfarm business and refocus its strategy to build and energy services business.

SeaEnergy ended the year with £21.9 million in the bank after selling its windfarm business SeaEnergy Renewables Limited (SERL) for £30.7 million.

As a result of the sale, the group posted a profit of £25.3 million last year after making a loss of £5.7 million in 2010, while earnings per share stood at 37.08 pence compared with losses per share of 7.65 pence in the previous year.

Following the divestment, the company has decided to return £6.9 million, or 10 pence per share, to shareholders.

The group currently holds a 24.68 percent stake in Celtic Sea explorer Lansdowne Oil & Gas (LON:LOGP). During the year, LOGP acquired 3D seismic and drilled the recent appraisal well on the Barryroe structure, which was then tested at commercial flow rates of 4,000 barrels of oil equivalent per day (boepd).

According to SeaEnergy, the results and the 3D data should “greatly enhance” the prospects for a farm-out of its exploration acreage.

SeaEnergy aims to sell the LOGP stake and build energy services businesses providing operations and maintenance service vessels, acquire existing profitable services businesses and develop additional services for the energy industry.

The group told investors that it is currently negotiating a joint venture with a large vessel owner and operator to market, build and operate vessels in support of offshore wind farms in Northern European waters.

“2011 was a notable year for SeaEnergy as it realised considerable value by selling SERL - a significant proportion of which is to be returned to shareholders,” said chairman of SeaEnergy David Sigsworth.

“We are continuing to pursue opportunities for the supply of specialist vessels and associated services in operations and maintenance for offshore wind, as well as the acquisition of complementary businesses and the in-house development of additional services.

“At the same time, we continue to manage the value of our legacy investments.  SeaEnergy is at an exciting stage in its development, and looks forward to updating the market further on our continuing progress.”

SeaEnergy (LON:SEA) announced this morning that it has secured further funding support to the tune of £88,500 from Scottish Enterprise to advance its plans to establish an offshore wind farm support business.

The funding is supplementing £345,000 invested by SeaEnergy itself into the detailed design and tank testing for the firm’s X-Bow vessel, which is intended for use in operations and maintenance connected to offshore wind farms.

The funding support is made up of three separate grants from Scottish Enterprise: £21,600 to support strategic development costs; a £40,000 research and development ‘optimum hull’ grant; and a £26,910 grant to support intentional marketing.

“We’re very grateful to Scottish Enterprise for its support of our emerging SeaEnergy Marine business,” said Steve Remp, SeaEnergy’s chairman. “These grants have helped to de-risk investment, drive development and allowed us to pursue near term commercial opportunities for our vessel system.”

The firm also said today that it had recently enjoyed success at the Carbon Trust Offshore Wind Accelerator Access competition, with its entry being placed in the top 20 of more than 450 and was commended by the competition’s judges for its potential to increase the availability of access to offshore wind farms.

Shares in SeaEnergy were down 1.3 per cent at 27.75 pence each in early-morning trading today.