R2S final earn-out payment

9 April 2014

R2S final earn-out payment

SeaEnergy PLC (AIM: SEA) ("SeaEnergy" or the "Company") is pleased to announce details of the final earn-out payment to the vendors of Return To Scene Limited ("R2S"), which the Company acquired in August 2012.

As confirmed in our preliminary results for 2013, R2S exceeded the earnings' target which triggered the maximum earn-out payment. In the year to 28 February 2014 the SeaEnergy subsidiary, R2S produced an EBITDA of £2.8 million, well in excess of the £2.5 million required for the vendors to earn the maximum final earn-out payment of £4.6 million.

SeaEnergy has elected to settle a portion of this payment through the issue of 905,440 new ordinary 10p shares in the Company, with the balance of £4,284,001 being settled in cash today.

Under the terms of the R2S Sale and Purchase Agreement, shares used in settlement of this part of the consideration are to be issued at the average closing mid-market price over the five business days immediately prior to their issue, which was 34.9p.

Application will be made for 905,440 new shares to be admitted to trading on AIM and dealings are expected to commence on AIM on 15 April 2014. Following admission of the new shares, the Company will have 56,364,823 ordinary voting shares in issue.

 Commenting on this update, David Sigsworth, Chairman, said:

"The fact that R2S exceeded its earnings target demonstrates the considerable value that the business brings to the SeaEnergy Group. R2S is continuing on its growth trajectory, driven by the oil & gas industry where we have built a stable of world class clients. Whilst the energy sector remains our primary focus, the R2S technology can be applied to many other business sectors. The Board and management team are confident of R2S' ongoing growth potential."

For further information contact:

www.seaenergy-plc.com

www.r2s.co.uk