SeaEnergy Completes Disposal of its Entire Interest in SERL to Repsol (UK)

SeaEnergy PLC announced that it has today completed the disposal of its entire interest in SeaEnergy Renewables Limited (“SERL”) to Repsol Nuevas Energias S.A. (“Repsol”) (the “Disposal”).

The Disposal was originally announced on June 6th and received the approval of the Company’s shareholders in General Meeting on June 22nd.

The Company has disposed of its 80.13% interest in SERL and has now received both the cash consideration and, following completion, the repayment of debt owed to the Company by SERL. After a pre-completion adjustment of £0.2 million the cash consideration and repayment of debt totalled £38.6 million, from which a £3 million retention has been withheld and which will be released to the Company on 28 June 2012 in the absence of any warranty or other contractual claims. As disclosed in the Circular calling the General Meeting the Company has immediately repaid loans due to LC Capital Master Fund, Ltd and EDPR UK Limited totalling £6.9m.

Repsol and EDP Renováveis (“EDPR”) have agreed to further develop two of the projects in which SERL has an interest. The Disposal included a Strategic Co-operation Agreement between EDPR and SeaEnergy to seek opportunities for mutual collaboration in relation to the supply by SeaEnergy Marine of operations and maintenance vessels, field infrastructure and equipment installation vessels for offshore wind farms, and any other areas that may arise in the future. This agreement has also been concluded today.

SeaEnergy will now focus on its existing assets, in particular its offshore renewables marine services business SeaEnergy Marine, and to ensure that shareholder value is protected with its existing Oil & Gas interests. The Board expects the Company to continue to be active in both the offshore renewables and oil & gas sectors going forward.


Source: seaenergy-plc, June 29, 2011