SeaEnergy today confirmed it had entered into an agreement with a preferred bidder for its Return to Scene Business (R2S) in a bid to pay off its debts.
The firm and its advisers, KPMG, agreed an exclusivity deal with the bidder, which includes a non-refundable payment that will help to fund the group though May.
A company spokesperson said: “The preferred bidder has indicated that it intends to acquire all aspects of the R2S business and it is planned for the disposal to be completed within a short timeframe.
“However, there can be no guarantee that the Potential Disposal will be completed. The directors anticipate that the proceeds of the Potential Disposal, if received, would be sufficient to repay the bank overdraft, nearly all of the group’s secured debt and a proportion of amounts owing to unsecured creditors.”
The group’s assets include a 18.67% interest in Lansdowne Oil & Gas, whose shares are currently suspended from trading, and two UK royalty interests. Any value for shareholders is likely to depend on the realisation of these assets, according to the firm.
A spokesperson added: “Further updates will be made in due course and the shares of the company remain suspended from trading pending clarification of the financial position.”