North-east company SeaEnergy said yesterday it had seen strong interest, particularly from the Far East, in the 80% stake currently up for grabs at SeaEnergy Renewables (SR).
Steve Remp, SeaEnergy’s executive chairman, said the sale process launched earlier this year for either part or all of the 80% holding was progressing well.
He also insisted SeaEnergy – formerly oil and gas firm Ramco Energy – had no intention of quitting renewables work.
Mr Remp said the Westhill-based company was keen to partner an investor in SR but if a buyer came in for the entire 80% stake, it would continue to focus on green-energy developments.
SeaEnergy became the first publicly quoted company devoted entirely to offshore wind after Ramco decided to sell its oil and gas interests just over a year ago.
The wholesale move into renewables was prompted by a reluctance among green-focused investment funds to invest in businesses with significant oil and gas interests.
At the time, Mr Remp said the time was right for the group to exit from its traditional market and concentrate fully on the opportunities opening up for renewable energy globally.
SR had been launched a year earlier, with the aim of playing a key role in the delivery of offshore windfarm schemes.
But in June this year, Alternative Investment Market-listed SeaEnergy announced plans to sell off at least some and possibly all of its stake in SR despite it gaining three sites for offshore windfarms in partnership with bigger companies.
SeaEnergy aims to complete the SR sale process by the end of the year and then to refocus on “exciting opportunities” elsewhere in the business, such as the development of marine services to support the construction, installation and operational phases of offshore windfarms.
“I see a tremendous future for us, for Aberdeenshire and for offshore wind,” Mr Remp said yesterday.
He was speaking after SeaEnergy posted a widening of first-half, pre-tax losses.
The £4.23million deficit seen in the first six months of 2010 compares with losses of £2.45milliion a year earlier.
SeaEnergy also announced an extension and variation to the terms of an existing loan facility. The move gives it access to £3.8million from the company’s largest shareholder, LC Capital Master Fund.
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