Research house Edison says that SeaEnergy should see the gap between its market price and the value of its assets close, the ProactiveInvestors reports.
Edison analyst Graeme Moyse said that there is a significant gap between the market price of SeaEnergy and the value of its cash balance, and also in its stake in Lansdowne. Celtic Sea explorer Lansdowne Oil & Gas, in which SeaEnergy holds a 24.68 percent stake, has supported the firm’s share price with its recent strong performance.
“SeaEnergy’s 2011 results were dominated by the gain of £32.8 mln generated from the disposal of its holding in Sea Energy Renewables Limited (SERL),” said Mr Moyse. “No value is being accorded currently to SeaEnergy’s activities in the offshore wind market.”
According to him the company’s future depended on its ability to develop its offshore wind service business in a three pronged strategy.
Based on the strategy, it will first try to control its design for an offshore wind farm support vessel by reaching agreement with a large owner of vessels and then to seek the purchase of small profitable businesses that offer O&M services. The third part is to develop businesses that offer consulting services to the offshore wind market.
SeaEnergy PLC is a Scottish public limited company based in Aberdeen. The company’s board announced the intention to focus the group on renewable energy, specifically offshore wind, in September 2009. Next year, the company specified it would concentrate on marine services for the offshore wind power industry, following an assessment of the equity markets, investor sentiment and the funding environment.
The company posted a profit of GBP 25.3 million last year after making a loss of GBP 5.7 million in 2010.
Offshore WIND staff, May 11, 2012; Image: SeaEnergy