SeaEnergy has been thrown a financial lifeline after today confirming plans to exit the shipping the business.
The firm said low oil prices had “very severely impacted levels of business in the core R2S offering as well as in other parts of the group”.
Turnover for the year is expected to come in at about £2.6million – “significant loss” for the group.
Faltering financials has forced the company to handover operational responsibility of the ships previously under its management. A company spokesperson said the SeaEnergy would exit the ship management by the end of the year.
The company has since secured a capital funding package which will allow it to draw up to £1.million over the next 12 months.
The spokesperson added: “The directors believe that, in light of the currently anticipated upturn in R2S business and other work in 2016, together with significant cost reductions in central costs, including an extension through 2016 of the voluntary salary waivers by the directors which began in June 2015, the facilities, in addition to the existing HSBC overdraft facility, should be sufficient for the group’s working capital requirements for the foreseeable future.”
Recommended for you
