SeaEnergy (AIM:SEA) A blow in the right direction with backing by the Crown
In September 2009 SeaEnergy took the lauded, or perhaps audacious, move to sell off its oil and gas investments to focus purely on its conceptual offshore wind business. It now claims to be ‘The only listed pure play UK offshore wind development company, to benefit directly from the impetus behind the UK offshore wind energy market’. We believe that this is possibly a stretch for a company with no revenue, yet with a Heads of Terms agreement with the Crown Estate, progress is clearly being made!
SeaEnergy Renewables Limited (hereafter SERL), the 80% subsidiary of SeaEnergy, is made up of the team which conceived, developed and delivered the world’s first deep water wind farm development - the Beatrice Demonstrator offshore wind farm (10MW). The Group’s experience in drilling from its previous oil and gas ventures forms the basis of its reputation rather than any concrete corporate record or accounts. SERL has now agreed a Heads of Terms agreement with The Crown Estate (the land owned under endowment by the Sovereign) with the deal suggesting that The Crown Estate will directly invest up to £1.4m in key…