Highlights:
Creation of the first publicly quoted pure-play offshore wind company;
Company to be renamed SeaEnergy;
The company has 456 MW (net) secured through participation in the Scottish Round;
Additionally the company has submitted bids in the UK Offshore Round 3;
Funding secured from Lanstead to provide working capital at a price of 55 pence, a premium to the closing price on September 4, 2009: amounting to GBP5 million secured with a further GBP2.5 million subject to shareholder approval;
Significant utility partnerships already formed with major European utilities Airtricity, RWE npower and EDP Renovaveis SA;
Five year global goal of 1 GW net of offshore generation capacity;
Changes to the board proposed to reflect the refocusing of the strategy;
Existing interests in oil and gas to be exited in an orderly fashion to maximize value;
Mesopotamia Petroleum company’s discussions with Iraqi Drilling Company and potential investors continue.
Stephen Remp, executive chairman of Ramco Energy said “The offshore wind opportunity is truly enormous, with over GBP130 billion of investment envisaged over the next 11 years through the Scottish and UK Offshore Rounds. The North Sea is once again opening up for development, this time driven by the global demand for clean energy, and SeaEnergy will be at the heart of this revolution.
SeaEnergy’s unique experience in the successful development of deep water offshore wind turbines – an industry first – is reflected in the quality of our partnerships already formed with major European utilities.”
