🕐03.05.12 - 08:27 Uhr

SEAENERGY - FY 2011 AUDITED RESULTS



SeaEnergy PLC ("SeaEnergy" or the "Company")
Audited Results for the year ended 31 December 2011
SeaEnergy PLC (AIM: SEA) today announces its audited results for the year ended 31 December 2011.
Financial Highlights:
� Disposal of the Companys interest in SeaEnergy Renewables Limited (SERL) in June 2011 resulting in gain of �32.8 million. � Profit for the year of �25.3 million (2010: loss of �5.7 million). � Earnings per share 37.08 pence (2010: loss per share 7.65 pence). � Net assets at 31 December 2011 �27.6 million (2010: �1.3 million) � Cash position at the end of 2011 of �21.9 million (2010: �0.1 million). � Proposed return of value to shareholders of 10 pence per share (2010: nil) equating to �6.9 million.
Post-reporting period highlights: � Refocussed strategy drawing on heritage in renewables and oil and gas, to build a group of innovative energy services businesses with three principal aspects: o The provision of operations & maintenance ("O&M") service vessels from which to deliver technicians and services to offshore wind farms and other work sites; o The acquisition of existing profitable services businesses which have the potential to add value synergistically; and o The organic development of additional business services for the energy industry. � Governance improved by splitting roles of Chairman and Chief Executive, achieved through the appointment of David Sigsworth as Non-Executive Chairman and John Aldersey-Williams as Chief Executive. � Revised remuneration arrangements agreed, pending shareholder approval, which will more properly align shareholder and management interests. � Divestment of legacy oil and gas interests over time whilst protecting underlying value.
David Sigsworth, Chairman, said:
"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.

We have now refocused the strategy to build a broad energy services business, drawing on our combined renewables and oil & gas heritage.

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."
Philippe Polman Account Manager Direct line: +44(0)20 7861 3921 Mobile: +44 (0)7841 672 830 Pelham Bell Pottinger 5th Floor, Holborn Gate, 330 High Holborn, London, WC1V 7QD Tel: +44 (0)20 7861 3232 Fax: +44 (0)20 7861 3233 www.pelhambellpottinger.co.uk
....................................... A CarbonNeutral� company
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