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SeaEnergy PLC: THE INVESTMENT CASE

SeaEnergy creates ship management JV

SeaEnergy is tightening its ties with Otto Marine, the Singapore-based shipping company.
SeaEnergy creates ship management JV
INVESTMENT OVERVIEW: SEA The Big Picture

SeaEnergy (LON:SEA) has entered into a joint venture with Go Offshore (Asia), a Singapore based shipping company that is a subsidiary of Otto Marine.

SeaEnergy, through its subsidiary, SeaEnergy Ship Management Limited (SEASM), will own 51% of the joint venture (JV) company, which is called GOSeaEnergy Ship Management.

The JV will manage GO's vessels in UK, European and adjacent waters, and will assume management of the MV Surf Ranger which, as announced last month, is already being managed by SEASM.

A second vessel, the GO Pegasus, an anchor handler (AHTS), is scheduled to arrive in Europe from the Far East during the summer and other GO vessels are expected to come under the JV's management during the course of this year, SeaEnergy said.

SeaEnergy is best known for its Return to Scene (R2S) technology that can deliver 360-degree images and model building capacity for offshore rigs, but the Aberdeen-based outfit offers a wide variety of services to the offshore energy sector. Another area where SeaEnergy and GO are cooperating is on the construction and operation of accommodation and maintenance vessels for offshore wind farm and oil & gas support.

SeaEnergy and GO are tendering together for the provision of accommodation and maintenance vessels to clients, with SeaEnergy's high performance dynamically positioned walk-to-work designs a major selling point.

"We are delighted to be managing GO's vessels in the region and look forward to working closely with GO over the years to come both in the ship management joint venture and in advancing our plans and aspirations for offshore wind farm support vessels, where we are seeing an increase in tendering activity," said Mike Comerford, who is SeaEnergy’s operations director and also the chairman of the new joint venture.

Garrick Stanley, chief executive officer of Otto Marine, said: "This is an important step in broadening our operational capability locally in European waters and we are delighted to be working with SeaEnergy in the region."
Shares in SeaEnergy were up 3.9% at 35.06p in late morning trading.

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SeaEnergy PLC Timeline

Article
March 04 2016

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