In consideration for a one-off payment by SOCAR to SeaEnergy of $4.9m, which has been received by the company, the parties have signed mutual releases in respect of all rights arising from their former collaboration in Azerbaijan.
This signals SeaEnergy’s withdrawal from oil and gas projects in the Caspian region and no further sum is due by either party to the other. The company will use the payment it has received from SOCAR for the further development of its subsidiary SeaEnergy Renewables and for general working capital purposes.
SeaEnergy is an offshore wind energy company in the UK. SeaEnergy Renewables Limited (SERL) is a subsidiary of the company and is made up of the team which conceived, developed and delivered the deep water wind farm development, a Beatrice offshore wind farm (10MW) which is owned and operated by Talisman Energy.
