UK: SeaEnergy Announces SERL Sale Details

SeaEnergy has announced that, pursuant to the Sale and Purchase Agreement dated 4 June 2011 between the Company and Repsol  Nuevas Energias S.A. (“Repsol”), the Retention Amount of £3,000,000 plus interest became due for payment on 28 June 2012.

The Company was notified on 27 June 2012, of a warranty claim amounting to £849,000, with Repsol being entitled to withhold this amount from the payment to the Company of the Retention Amount until the claim is resolved. The balance of £2,151,000 plus interest has been received by the Company.

The Company is taking professional advice in relation to the validity of the claim.

In June 2011 the Company announced the completion of the sale of its interest in SeaEnergy Renewables Limited (SERL) to Repsol and EDPR for a total of £38.6 million.

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Offshore WIND staff, July 1, 2012; Image: SeaEnergy