SeaEnergy PLC
SeaEnergy (AIM:SEA) is an offshore marine renewables development company, engaged in the enormous opportunity for offshore wind farm development globally. Identifying large-scale offshore wind farm development opportunities, SeaEnergy has built consortia with major utilities to develop, own and operate these offshore installations. SeaEnergy currently has two offshore wind farm projects in development totalling 1,825 MW of total capacity. SeaEnergy provides unrivalled offshore development and deployment expertise, including the technical and project management experience essential to ensuring successful project delivery. In addition to current operations in the North Sea, SeaEnergy has identified project opportunities in a number of geographic regions with viable offshore wind resources. These include offshore Europe, North America and the Far East. SeaEnergy expects to remain at the forefront of offshore wind farm development globally because of our industry-leading experience and current slate of projects in development.
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."
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Other SeaEnergy PLC articles
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06/01/10 SeaEnergy says Crown Estate plans to award JV a deal in latest UK wind farm leasing round
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04/01/10 SeaEnergy: backing the offshore wind boom
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02/10/09 Ambrian Capital says ‘buy’ SeaEnergy PLC, puts 70 percent upside on the stock
Other SeaEnergy PLC news
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26/02/10 SeaEnergy wins ‘Rosenblatt New Energy Company of the Year’ award
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17/02/10 SeaEnergy Interview Transcript with Steve Remp, Executive Chairman
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04/02/10 Steve Remp, Executive Chairman of SeaEnergy, talks about the world's largest offshore wind market and two of the largest turbines ever built
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25/01/10 SeaEnergy extends £2 mln facility until October 2010
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18/01/10 European offshore wind power grew 54% in 2009, 75% growth seen in 2010 - EWEA
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11/01/10 SeaEnergy appoints longtime adviser and Ledingham Chalmers chairman as non-exec director
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08/01/10 SeaEnergy up after confirmation of acreage win in latest UK wind farm leasing round
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31/12/09 SeaEnergy sells Guneshli for US$4.9 million to SOCAR to exit Caspian Region
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30/12/09 SeaEnergy says UK Offshore Round 3 results due out in early January 2010
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27/10/09 SeaEnergy taps into Taiwan with wind farm partnership deal