www.seaenergyrenewables.com
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.
Ramco Energy to focus on offshore wind farms, change name to SeaEnergy PLC
Ramco Energy PLC (AIM: ROS) is selling its oil and gas operations and will focus solely on its offshore wind energy activities, reflected in the proposed name change to SeaEnergy PLC with a new AIM code of ‘SEA’.
The said it has secured £7.5 million new funding from UK investment group Lanstead Capital LP which will become a 22 percent shareholder in the new entity.
Chairman Stephen Remp said: “The offshore wind opportunity is truly enormous, with over £130 billion of investment envisaged over the next 11 years through the Scottish and UK Offshore Rounds.”
Ramco's subsidiary SeaEnergy Renewables Ltd (SERL) has secured a net 456 MegaWatts of offshore wind farm acreage alongside large utility partners. To date SERL has secured a 25 percent interest in two joint ventures to develop offshore wind farms with a total capacity of over 1800MW with partners Scottish & Southern Energy PLC unit Airtricity and RWE AG unit npower. Together with EDP Renewables it has also made applications for sites to be awarded through the UK Offshore Round 3 process.
SERL conceived, developed and delivered the world's first deep water wind farm development - the Beatrice offshore wind farm with 10MW. The project involved the installation of the two largest wind turbines ever deployed offshore, at water depths of 45 metres.
This, combined with the Ramco team's expertise in delivering deep water offshore developments in the oil and gas industry, puts SeaEnergy in an unrivalled position at the vanguard of the emerging offshore renewables industry, Ramco said.
Separately, Ramco reported interim results for the first half to June 30 2099, with pretax loss widening to £2.5 million from £1.2 million a year earlier.
Edison Investment Research issued a note in response to the statment, saying: "Ramco’s decision to focus on SeaEnergy and its offshore wind assets in the UK is a positive move in our opinion."
"We maintain that the SeaEnergy assets represent the best prospect for value creation in the portfolio, and the shift in focus (and capital allocation) is the correct strategy."
