SeaEnergy agrees to working capital funding as oil prices affect business

The AIM-listed company revealed on Wednesday that low oil prices have “severely” impacted levels of business in its core R2S Visual Asset Management business, with revenue expected to drop to between £2.6m and £2.8m and resulting in a loss for the company.

On top of that, SeaEnergy has handed over operational responsibility for the ships previously under management and expects to have completed its exit from ship management by the end of the year.

As a result, the company has agreed to two loan agreements with Davies Newman Property Limited and LC Capital Master Fund, under which it can draw up to £0.5m from each lender over the next 12 months.

Shares in the company were down 1.35p (30%) to 3.15 at 1111 GMT.