LONDON - British energy investment company Ramco Energy will sell off its oil and gas interests and focus solely on its offshore wind operations, it said on Monday. The company will also change its name to SeaEnergy PLC with a new AIM code of ‘SEA’.

The company added it had secured a total of 7.5 million pounds ($12.29 million) of funding from UK investment company Lanstead Capital, which will become a 22 percent shareholder in the group.

Chairman Stephen Remp said: “The offshore wind opportunity is truly enormous, with over £130 billion of investment envisaged over the next 11 years through the Scottish and UK Offshore Rounds.”

Ramco's subsidiary SeaEnergy Renewables Ltd (SERL) has secured a net 456 MegaWatts of offshore wind farm acreage alongside large utility partners. To date SERL has secured a 25 percent interest in two joint ventures to develop offshore wind farms with a total capacity of over 1800MW with partners Scottish & Southern Energy PLC unit Airtricity and RWE AG unit npower. Together with EDP Renewables it has also made applications for sites to be awarded through the UK Offshore Round 3 process.

SERL conceived, developed and delivered the world's first deep water wind farm development - the Beatrice offshore wind farm with 10MW.  The project involved the installation of the two largest wind turbines ever deployed offshore, at water depths of 45 metres.

This, combined with the Ramco team's expertise in delivering deep water offshore developments in the oil and gas industry, puts SeaEnergy in an unrivalled position at the vanguard of the emerging offshore renewables industry, Ramco said. 

Separately, Ramco reported interim results for the first half to June 30 2099, with pretax loss widening to £2.5 million from £1.2 million a year earlier.

Edison Investment Research issued a note in response to the statment, saying: "Ramco’s decision to focus on SeaEnergy and its offshore wind assets in the UK is a positive move in our opinion."

"We maintain that the SeaEnergy assets represent the best prospect for value creation in the portfolio, and the shift in focus (and capital allocation) is the correct strategy."

Comments (0)

Subscribe to this comment's feed

Name

Email

Website

Title

Comment

smaller | bigger

I have read and agree to the Terms of Usage.

Add Comment