Repsol Nuevas Energias acquires SERL from SeaEnergy

Offshore wind development company SeaEnergy has completed the disposal of its entire interest in SeaEnergy Renewables Limited (SERL) to Spain’s Repsol Nuevas Energias.

The Aberdeen-based company has disposed of its 80 per cent interest in SERL and has now received both the cash consideration and, following completion, the repayment of debt owed to the company by SERL.

After a pre-completion adjustment of £0.2m, the cash consideration and repayment of debt totalled £38.6m, from which a £3m retention has been withheld and which will be released to the company on 28 June 2012 in the absence of any warranty or other contractual claims.

SeaEnergy states it will now focus on its existing assets — particularly its offshore renewables marine services business, SeaEnergy Marine.