You think you got it bad Jack, some of us put a proportion of our SEA loses into Oxus (Fortunately not a huge amount)
This time last year I was having a drill shoved down the end of my winky and thought life can't get much worse.
Happy day's as it turns out.
Family is what's it's all about right now
Hope you guys enjoy yours |
Just popping into one of my previous holdings.....a bit of info for you...hope this helps. |
 R2S needed a buyer and would have looked to Seaenergy to invest and develop the company. It was an expansion opportunity, and a good use of cash shell money for an AIM company. The thing that worries me about Seaenergy are the management. They cost a lot in salary, and they will have paid a premium to buy R2S, most of which will have been pocketed by the seller.
R2S as a standalone company interests me. However, technology needs investment both in skilled personnel who are adept at learning and developing. This doesn't come cheap, nor does the production cost associated with creating the imagery for the Oculus Rift. Fortunately, oil companies are the sort of clients who can afford a few hundred grand, but the police budgets are a lot tighter. The management of Seaenergy are to be congratulated for introducing R2S to the oil industry, but the pendulum should ideally swing in the direction of oil over forensics for the most lucrative returns. As it happens now, the oil industry is on it's knees and crime is through the roof due to the dreadful population that we have accumulated in recent years. What R2S need is more crime and higher oil prices, and they could be a runaway success story.
As a past investor, I am interested to see how Sea does, but I am not a buyer because of the management, and until someone can convince me the company is sufficiently profitable to shareholders based upon R2S revenue, I just don't see a return on investment in an investment company with bloated overheads. |
Steady on chaps - you'll wake bones from his slumbers with all this positivity. |
Yes, it seems a good company. The question is whether the numbers stack up. Actually it's not a dead duck but a bit worrying that they have taken on debt. As long as they can service it with r2s revenue they will be fine, and logp must - one day - be worth something as a hopefully big bonus. I rate Sea as a hold, with a 2-3 year view. |
Yes, quite correct - "skill" - which is something the team already have. As they point out in their brochure (an extract of which is below) - "Some police forces have the resources to capture spherical images at crime scenes, but lack the time or personnel to combine these with related information into a case profile, without delaying the investigation."
-------------------------------------------------------------------------------
SCENE BUILD
Some police forces have the resources to capture
spherical images at crime scenes, but lack the time
or personnel to combine these with related information
into a case profile, without delaying the investigation.
R2S Forensic provides a service whereby all relevant images
are processed and linked together, and all evidence-based
documentation and media files are uploaded, creating a
professional R2S package. These packages can be as
simple or as complex as necessary.
Once completed, ‘scene builds’ can be provided either
on DVD or through a hosted server. The quick turnaround
allows the case to be viewed at briefings and gives Senior
Investigating Officers access to the scene throughout
the enquiry |
Just to add, it is fairly inevitable they will use the Oculus Rift commercially, but that involves a skill set they need to develop and invest in their staff, and although it is a revolutionary product, by virtue of using the Rift - that in itself is not a selling point for seaenergy shares. It's just a tool, but a tool that requires skill to use well. |
Pete - old but relevant
Aly Gray, divisional director for Max and Co commented:
"In the three years we have been working with Peak, the range of services we provide them has grown continuously to include design, web, animation and media. The concept behind 'Peak World' was borne from our work internally on the developmental Oculus headset package, gaming engine technology and 3D software. We saw the opportunity for Peak to do something different for OTC Asia and their tool launch; create interaction and a buzz."
'Peak World' was very well received at OTC Asia, and Peak was the only one exhibiting using this innovative technology.
Tim Williams, Business Development Director for Peak Well Systems, commented:
"Creating a 'wow' factor at events is difficult these days, irrespective of the products on display. However, the Peak World succeeded in doing just that. Max and Co's strength in understanding our business and seeing new promotional opportunities has definitely given us an edge with the Oculus VR."
As part of SeaEnergy PLC, Max and Co is already working with its sister division R2S on applying the technology to their oil and gas clients and crime scene investigations. The climate of innovation within SeaEnergy PLC is encouraging similar pioneering offerings across all areas of the group. |
Pete, it is not clear whether they are using oculus Rift, but my guess is that they have not been using it yet as it is not a mainstream product yet and I saw no mention of it on their website. In fact, I doubt they have gone to the trouble. The thing is, they are - as I understand - stitching 360 degree 2D images together to recreate environments by 'surrounding' the viewer with the image. Putting an Oculus Rift on will enhance the ability to view the scene, but it can be inspected more easily on a normal screen anyway, with navigation being carried out with some sort of game engine, of which there are a couple of choices.
As they started off in forensics anyway, it makes sense to continue with that line of revenue. It is a good niche for which they cornered a good segment of the graphics market.
I would say its a good media company with skillsets that encompass design and gaming, which are being applied to two fairly lucrative niche markets.
If you invest in Seaenergy, you have to consider that you are investing in an investment company, who are investing on your behalf 1)R2S 2)LOGP
That means you really must have total faith in the old guard investment management skills.
Primarily the investment is now R2S for the bread and butter, and LOGP is what they are relying on to pay off the debts. |
R2S need to get on the VR bandwagon, what's 'google street view' for oil rigs if a competitor can virtually transport an engineer to a rig via oculus or HTC etc does anyone know if R2S are incourporatin virtual reality into their product? |
JJ - you've hit the nail on the head. This is 360 degree photography with the addition of unique software i.e. the "fully interactive engine" as mentioned in the piece below.
and REMEMBER ......
"R2S played a crucial role in the security preparations for the 2013 G8 conference of world leaders in Enniskillen.
In the months prior to the 2-day summit, the Police Service of Northern Ireland used Version 2 of the software to record areas in and around the Lough Erne Resort. This detailed visual record of the venue’s interiors and exteriors was used as a planning tool by those who had no access to the complex. Closer to the summit, it was then used to brief politicians and security personnel at the highest level. The completed project was also supplied on Windows tablets and laptops, providing security staff with quick and easy access to data from any location on or off site."
So R2S are already established within the security arena. They have the personnel with the required clearance (as demonstrated by the Dounreay and G8 conference contracts), to enable them to conduct high level security work.
Jack is also correct when he states that the company may be lucky with regards their timing in increasing their efforts with the forensic/security work. We are all aware of the terrible events of late - Port El Kantaoui (Tunisia), Paris, and San Bernadino. Security budgets are being increased as a direct result of these and countless other attacks. The price of oil may have collapsed, therefore less rig work, but I would suggest every major shopping centre or other place where crowds may gather is now a potential contract for R2S.
Many years ago I was a member of a tactical firearms team which would respond in the event of an attack on buildings containing SNM (special nuclear material). Part of the training was to become so familiar with those buildings that we knew them like the back of our hands. It's already rumoured that the SAS are patroling the streets in the big smoke, but it's impossible for them or specialist police firearms teams to be familiar with every shopping centre, theatre etc.
Yes there will be architects plans to which they can refer. But believe me when it comes to the type of scenarios I am suggesting, then a 360 degree 'digital walk through', would be far better than any diagram. Especially, if they are indicating escape routes, potential dangers such as industrial gas bottles, etc.
I do believe that I was the first person on these bb's to suggest that R2S should target the nuclear industry for work. Well, if the board's listening, I am suggesting that now is a prime time to be focussing on R2S Forensic, especially with regards Counter Terrorism.
Also although it appears that work has dried up on rigs with regards decommissioning, whose to say the security side is not picking up. Anyone remember films such as 'North Sea Hijack" or "Oil Storm". See what I am getting at? |
R2S is a lot more than 360 degree photography, and only a small Norwegian company does something vaguely similar, but it is still unique. The problem is obviously all oil companies cutting expenses to the bone this year.
Sensibly, if a little late, the company are increasing their efforts in forensic, and other matters where it can be used for security purposes. Their timing for this maybe lucky.
This is worth 5 minutes of any shareholder's time, even if the opening 30 seconds is rather shocking and should not be viewed in front of younger people. |
Sadly, I have to agree with all that has been said by the bears here lately. R2S was a lucrative thing in the beginning, but - in my opinion - had it's hay day when it was still 'unique' technology. I think the management at Seaenergy meant well, but they hung on the coat tails of Steve Remp. Remp's departure, as Bones said, showed the rest up for the average men they are; They bought a successful company at the top of their market, at top dollar, thus squandering all the serl money.
Like all advances in technology, 360 capture has become fairly accessible to all, so they no longer have a usp. A bit like in the telco days up to year 2000 when a 2 megabit dedicated data link would cost you the best part of a quater of a million gbP, and thereafter dropped through the floor.
There is nothing to set R2S apart from any other media agency except perhaps for their lead in the niche markets of oil and forensics, and their skills as artists, software operators, and marketeers. Even so, costs of capture willl have become very cheap now that the technology is 'out there', so I cannot imagine the contracts being lucrative as they might have gotten away with in the oil industry when Sea started oil rig capture; certainly no longer on the scale that SEA would need to cover their costs and debt. The revenues for a capture job will proably only be in the thousands not millions of pounds. Only the oil industry will have interesting budgets, the rest will be relative peanuts and not enough to operate on the scale people expect here.
The shocking thing is they just debt financed for a vast amount of money. Presumably they would have been unable to attract equity investors. Or, perhaps a the idea was that debt raise will allow time for LOGP to get them out of this hole, without diluting shareholders.
The way I see it is Sea are becoming R2S, a image capture company, nothing unique for the future, average revenue as they struggle with competing agengies. The only thing that will pay off their debt and stop shareholders losing everything will be a rebound in oil prices and an offload of LOGP shares. The question is, will that loan buy them enough time for LOGP to recover? They all know Barryroe is worth potentially a lot, but look at the state of the world. It could be 2 more years of waiting for LOGP, but this imo, is what they are totally reliant upon.
Good luck to everyone and my best wishes. |
bones,
It was my last few that I had left. Call it the 'optimistic' stake. In hind sight I gave this investment far too much time to deliver. I have worked in the energy sector, mostly in IT, for 20 years and during that time have worked on setting up a wind farm. I therefore believed that they had a good solution there as well as R2S being a good solution for the physical assets. Perhaps this 'knowledge' masked the failings here.
I'll just chalk it down to experience and try to learn from it. There's always other opportunities out there and I will keep an eye on SEA to see if sales do start picking up. But I'd still want to see a greater development of additional value adding sales in R2S so that the revenue is more consistent. |
LOL, Stockriser. |
Skirbell tbh im shocked you were still here as you were usually on the ball in the past . Quite frankly I'm surprised anyone of the long term holders would still be in sea as it's been a slow forming disaster for some time now . Good post anyway and exactly ehat some have been saying for a while . |
"I can imagine it is a devastating experience."
Pap - not to the extent of SEA ...lol |
Good, rational, post, skirbell. The SEA Executive Directors have proved to be complete and utter failures! |
"Pap, living in Carlisle you have to be an optimist :-("
You have my sympathies, Stockriser. Never experienced flooding, but I can imagine it is a devastating experience. |
I'm viewing this post as more of a cathartic experience rather than to bring anything new or valued to the discussion.
I've now completely exited from SEA. It's a shame as I believe that the R2S technology offers potential however to fully realise that potential, the company needs to invest in this technology. To do that, SEA needs the capital available and the management foresight to see where this technology can be taken.
Capital will be hard to come by over the next 12 months given the huge head wind that SEA's main clients face with the oil price. Oil companies themselves are struggling with cash flows and these problems are getting passed on into the supplier market. To preserve cash flows, many companies are cutting capital expenditure and that currently includes projects that could potentially reduce future cost. This sounds counter productive, but is a sign of the times in the oil industry.
SEA's current balance sheet is also cause to believe that they will not be able to fund investment from reserves. As has been pointed out, they may be lucky to survive the next 12 months without some form of placing.
Broadly I have agreed with SEA's business ventures however the implementation of those plans by the management have been poorly thought out. Exiting the oil legacy assets was sensible to focus on renewable but still, to this day, the company has legacy assets. These distract attention and have been valued ever lower. The management should have sold out when they took the decision and used the cash to invest properly into the renewable business. LOGP only had a slim chance of success even with oil prices much higher than they are today. Now it has no chance.
I also supported the 'walk to work' business. Having been involved in offshore wind, I saw the value of this proposal. However, they hoped to win work without any tangible experience of marine activity and this was a major failing. SEA should have used the money raised from the sale of the legacy assets to purchase at least a small marine business offering services to offshore installations. This would have proven invaluable in the tendering process. It would also have provided a far better link into the Marine business that they did set up...
The value of R2S lies not just in the initial capture, but also in potential value adding service post capture. I see no ideas or investments in this space. This may be limited for forensics however the opportunity within O&G is large and would create a regular revenue stream. SEA need to rapidly develop this but we return to my original point - where is the investment?
SEA are allowing R2S to stand still and in today's technology driven world, they will lose their competitive advantage quickly. I hope that this does not happen and that SEA can turn things around however based upon the current scenario, I struggle to see how they can move forward with developing value adding revenue and innovating the product. |
Pap, living in Carlisle you have to be an optimist :-( |
All well and good, Stockriser, but how much turnover (and hence profit) will SEA generate from this extra forensic business? You're a perennial optimist, whilst I'm more pessimistic. |
We know who this is then...... |
Don't know how this did not come up in my notifications this morning.....
-------------------------------------------------------------------------
08/12/2015 7:00am
RNS Non-Regulatory
TIDMSEA
SeaEnergy PLC
08 December 2015
SEAENERGY PLC
Strategic Partnership for R2S Forensic
R2S Forensic, a division of Return To Scene Ltd, a wholly owned subsidiary of SeaEnergy PLC, has agreed a strategic partnership with SceneSafe, part of WA Products. The agreement is for the international deployment of a full range of forensic solutions.
Recognised globally for its award winning crime scene management and security planning software 'R2S' and a range of bespoke forensic services, R2S Forensic will work in tandem with SceneSafe, one of the leading suppliers of forensic solutions to UK and international clients, to offer cutting edge forensic products and services worldwide.
Adam North, International Sales Manager for SceneSafe said:
"This agreement positions SceneSafe as the 'one stop shop' for high-quality products and services in the forensic space. The R2S system is already in use in the UK, US, Canada, and EU markets where it is used by police forces and strategic players in this field and we look forward to working with them to achieve even more success."
Sean Huff, Principal Consultant who leads for R2S Forensic went on to comment:
"The R2S Forensic team is excited to be working with SceneSafe to deploy a full range of high quality forensic solutions to clients internationally. The combination of skills and experience of our two organisations means that we will be able to better serve our clients with more efficient and tailored solutions. SceneSafe is a trusted, longstanding partner to many domestic and international police forces and an ideal strategic partner for R2S Forensic."
SceneSafe and R2S Forensic will work to promote the products and services of each organisation, delivering complete forensic solutions to their international clients. |
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