Offshore wind development firm SeaEnergy reported a narrower pre-tax loss and said it has completed the long awaited sale of its 80.13% holding in its subsidiary to the Spanish oil behemoth Repsol.

Following the completion of the sale, SeaEnergy has received the cash consideration and the repayment of debt owed to it by its former unit SeaEnergy Renewables Limited (SERL) in the amount of £38.6m, from which a £3m retention has been withheld that will be released to the company on 28 June in the absence of any warranty or other contractual claims.

SeaEnergy recorded a pre-tax loss of £5.7m, down from £6.5m in the comparable period last year due to a drop in finance costs.

Shares of the company added 1.1% and were trading at 27.42p in London on Wednesday morning.

AR

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