Administration and a near-£2million disposal of its most valuable asset, Return to Scene (R2S), have brought the curtain down on north-east company SeaEnergy.
The energy service firm’s few oil and gas interests are now under the care of KPMG, which is trying to find a buyer.
R2S, which uses the latest imaging technology to analyse offshore installations and crime scenes, has already been sold by KPMG to marine services company James Fisher and Sons for £1.9million.
Cumbria-based Fisher will pay another £100,000 for R2S if it wins certain contracts before December 31.
The business, assets and 10 employees of SE Innovation, formed in April 2015 as part of a SeaEnergy re-organisation, were transferred to R2S on the eve of the group going into administration.
A further seven SeaEnergy workers have also moved to Aberdeen-based R2S, where a 33-strong team now operates as before within Fisher.
Of the remaining seven SeaEnergy employees, three were made redundant immediately following KPMG’s appointment and four have been retained to assist joint administrators Blair Nimmo, Geoff Jacobs and Tony Friar.
Mr Nimmo said: “We are pleased to have concluded the sale of R2S to James Fisher, which will safeguard the majority of jobs within the group, maintain customer service, and provide the best outcome for SeaEnergy’s creditors.
“Based on the information available at present, it is unlikely there will be any recovery for the shareholders.
“We are now focused on realising the remaining assets and investments.”
SeaEenergy evolved from Aberdeen-based oil and gas explorer Ramco, founded by Steve Remp in 1977.
The firm later turned its back on fossil fuels and repackaged itself as a green-energy specialist.
But a tough funding environment forced it into another change of direction, with it aiming in recent years to become an “innovation led energy services company”.
Of the remaining oil and gas assets, SeaEnergy wholly owns Eagle HC and its stakes in a number of non-producing UK North Sea blocks.
The group also has an 18.7% interest in Dublin-based Lansdowne Oil and Gas, which holds extensive acreage, including a 20% interest in the recent Barryroe oil discovery, in the Celtic Sea.
SeaEnergy had faced financial problems since late last year due to the oil and gas downturn hitting R2S activity levels.
Bosses secured extra funding in November, via a £1million loan, but trading conditions continued to deteriorate.
In March, SeaEnergy said it was facing significant cash flow difficulties and would need to consider a sale of its main assets or it would be unable to continue trading beyond May.
Trading in the group’s shares was suspended in April pending clarification of its financial position.
Fisher chief executive Nick Henry said buying the R2S business created “great potential” for the new owner.
He added: “We are aware of the value R2S has delivered to its clients in oil and gas sector and police and security markets, and intend to build on our combined strengths to benefit from the significant opportunities this acquisition will present.”
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