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Sea Energy to sell off renewable division

British firm looks to focus on offshore wind services

18 June 2010

Renewable energy developer Sea Energy is set to negotiate the sale of its SeaEnergy Renewables Limited (SERL) arm.

The British firm is looking to sell off its 80 per cent stake in the company in order to concentrate on offshore wind services, after wind farm development was deemed too expensive.

"Given the tough current financing environment, the company intends to dispose of all or a significant part of its holding in SERL and has initiated a formal sale process," Sea Energy said in a statement.

Last year, the firm posted a loss of £6.5 million representing a 91 per cent increase on its 2008 loss of £3.4 million.

SeaEnergy initially started as energy company Ramco but changed its name and its commitment to oil and gas in 2009.

The sale of SERL would also allow the group to advance its marine services business, which was able to generate significant revenue and cash-flow quickly.

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