Trading Update

4 February 2013

Trading Update

SeaEnergy PLC (AIM: SEA) ("SeaEnergy" or the "Company") is pleased to announce a trading update in advance of announcing its audited results for the year ended 31 December 2012, which are expected to be released during April 2013.

In the first quarter of 2012 we set out our new strategy to develop and acquire businesses providing services to the offshore energy industry and to return cash to shareholders. During 2012 we have delivered:

·; the acquisition of a profitable energy services business Return to Scene Limited ("R2S");

·; the launch of our consultancy services; and

·; a return to shareholders of £6.9 million by way of a tender offer

Since completing the acquisition of R2S, at the end of August, the integration of R2S into the Group has progressed well. Despite delays to a number of offshore projects, caused by restrictions on platform bed space and the reduced availability of helicopter seats, following recent incidents, we are pleased to confirm that R2S has met its revenue target for the 6 months to February 2013, ahead of schedule and, as a result a further £500,000 of consideration will be paid during March 2013.

Looking forward R2S is close to securing new contracts in the North Sea, and internationally, from both existing and new customers. Platform operators are increasingly recognising that in addition to enhanced safety, having their installations captured by the R2S software gives them the ability to reduce the number of platform visits, cutting helicopter trips, freeing up bed spaces and ultimately reducing their operating costs.

An additional potential earn-out payment of up to £4.6 million may become payable in March 2014. For the maximum figure to be payable the EBITDA generated by R2S in the year to 28 February 2014 must exceed £2.5 million. Any amount due at that time, subject to certain restrictions, can be settled at the Company's option either in cash, SeaEnergy shares or a combination of the two.

We also launched our consultancy activities in September 2012 and are pleased to report that it is already covering its direct costs. We are planning to expand this operation in 2013 and have already identified synergies and opportunities for interaction with other parts of the Group.

In late 2012 we were invited to participate in the first of what we expect to be a number of tenders for offshore wind farm Service Operation Vessels. We are working to secure a joint venture with a larger partner which will both allow us to participate in several such tenders simultaneously and spread the capital cost of any vessels for which we successfully secure charters.

The Company has a 21% shareholding in Lansdowne Oil & Gas plc ("Lansdowne"), which on the basis of Lansdowne's share price of 52.75p on 1 February 2013, is valued at £15.9 million. Lansdowne had an exciting year in 2012, driven by the successful Barryroe appraisal well.

Commenting on the update, David Sigsworth, Chairman, said: "I am very pleased that we are able to report significant delivery across all of the strands of the strategy we set out less than a year ago, and we are looking forward to updating the market on our further progress throughout 2013."

For further information contact:

www.seaenergy-plc.com

www.r2s.co.uk