SeaEnergy says it will exit shipmanagement in order to focus more on its core business, and has issued a profit warning in light of sustained low oil prices and reducing operating budgets among oil and gas companies.
“SeaEnergy has now handed over operational responsibility for the ships previously under management and expects to have completed its exit from ship management by the end of the year,” the London-listed oil and gas services group said today.
SeaEnergy Ship Management Limited was launched in June 2013 to offer shipmanagement services across the offshore energy sector, specialising particularly in walk-to-work offshore vessels. According to its website, the company provides both commercial and technical management, start-up services and crewing support.
In May 2014, the company took Otto Marine’s subsea support vessel Surf Ranger under its management.
Shortly afterwards, SeaEnergy established GOSeaEnergy Ship Management Ltd, a 51:49 joint venture with Singapore-based GoOffshore (Asia) that manages GO’s vessels in the UK, European and adjacent waters.
“During 2015, sustained low oil prices have very severely impacted levels of business in the core R2S offering as well as in other parts of the group,” SeaEnergy said today.
“Revenue from continuing business for the year ending 31 December 2015 is now expected to be between £2.6m and £2.8m, resulting in a significant loss.”
SeaEnergy expects a rebound in its R2S business in 2016, “as offshore field operators’ activity levels pick up”. The company recently won a number of R2S capture projects in the UK with total value of around £150,000.