SeaEnergy PLC’s business strategy is to build an integrated energy services business with a coherent, internally consistent vision:
- Based on delivering innovative solutions to industry problems
- To grow through shrewd synergistic acquisition and by realising growth potential
- To operate directly and to build a sustainable, profitable business
- To help clients drive down costs, increase production and improve safety
- To generate cashflow and dividends for shareholders while building capital value
The core business will comprise the delivery of innovative value-adding services to clients across the energy space, and will grow sustainably by acquiring and developing existing and complementary businesses within that space.
The company believes that this focus offers the best prospect for sustainably growing shareholder value, whilst generating cashflows and returns for shareholders in the near to medium term. The provision of operations and maintenance to offshore wind farms, and the vessels from which to provide these services, will form a part of this strategy.
In August 2012, we completed the acquisition of the entire issued share capital of Return to Scene Limited (R2S).
R2S was established and is based in Aberdeen, currently employing around 25 people. It provides an innovative and unique Visual Asset Management (“VAM”) service to its clients, allowing clients to significantly improve the management and control of their maintenance activities.
The VAM technology involves the taking of 360 degree spherical photographs of locations and the building of three-dimensional models. Data can then be embedded, indexed and managed within these models. In parallel, R2S has established a complementary digital media division, whose skills are required to build the 3D visual models and which forms a profit centre in its own right.
R2S initially provided these services to Police Forces and Courts across the UK, to model crime scenes and to index and manage associated evidential data.
R2S recognised the potential for the VAM technology in the oil and gas sector, where the technology provides a powerful asset integrity and data management solution, and has expanded rapidly in this sector over the past 3 years and this sector now represents the majority of the R2S business.
The core R2S service in the oil & gas sector involves taking spherical photographs of offshore oil & gas installations as well as creating virtual three-dimensional models of these sites into which maintenance and performance data can be embedded, indexed and managed. This service allows strong control of, and access to, critical data without requiring the time and cost of physically visiting the offshore installations. The service provides a user-friendly and intuitive “front-end” to data management systems already in use on installations of this type.
R2S’s core market is currently the UK Sector of the North Sea, where many oil & gas installations are reaching the ends of their design lives and the importance of maintaining asset integrity is increasing. The R2S service enables better and more cost effective management of this information, thereby allowing the safe extension of the productive lives of these installations and the deferment of the substantial decommissioning costs.
Revenues are generated from both the “asset capture” project of initially setting up the three dimensional models and also from continuing software licensing fees chargeable to the operators of assets which have been captured.
Since entering the oil & gas sector, R2S has developed a strong market presence, and is now finding that clients who have successfully utilised their service on UK installations are now seeking to replicate the cost savings they have achieved on a global basis. Consequently SeaEnergy believes that the growth potential in the oil & gas sector alone is significant. SeaEnergy has already identified synergistic opportunities between R2S and its other planned activities, and looks forward to driving growth in shareholder value through exploiting these synergies.
Further details of R2S and their products can be found on the R2S website