SeaEnergy (AIM:SEA) are we close to the end?
The offshore energy services business, whose highly remunerated senior management team (before recent salary waivers) has presided over a complete disaster of energy services empire building, issued a trading update suggesting the Group’s future is in grave peril, despite a new working capital funding package. It’s certainly not one for the faint-hearted!
Revenue from continuing business for the year ending 31 December 2015 is now expected to be between £2.6m and £2.8m, resulting in a “significant loss”; revenue for 6 months was £1.8m so that’s a fairly desperate second half performance. While software licence income has held up well and forensic activities (whatever they are!) are ahead of forecast, the weakness in the oil price and consequent reduction in oil company operating budgets have severely impacted new…
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