Oil baron Steven Remp is to step down from SeaEnergy plc as part of a strategic shake up which will see the company concentrate on energy services.

Currently executive chairman, Remp is to retire from the board of SeaEnergy to concentrate on personal investments, with immediate effect.

He is replaced as executive chairman by another SeaEnergy non-executive director, David Sigworth, and another director, John Aldersey-Williams, becomes acting chief executive.

Outlining the reasons behind the moves today SeaEnergy said it has decided to focus on complementary services in the energy sector, including the provision of wind farm operations and maintenance services and vessels.

Also legacy oil and gas assets including those in Montenegro are now no longer deemed to be core to the company , and SeaEnergy says it will “…seek to realise the value of these holdings in due course.”

Remp’s energy industry career has spanned 34 years and he founded SeaEnergy in 1977 – previously Ramco – and with that company he entered the Caspian oil sector including the Azeri Chirag and Gunashli fields.

As part of his exit deal from SeaEnergy, Remp will received a £503,000 payoff and will acquire the company’s non-core oil and gas interests in Montenegro – with SeaEnergy retaining future participation rights.

SeaEnergy’s Montenegro assets have been the subject of a dispute with the government there for several years and all efforts to resolve the dispute and restart exploration have to date failed, the company has said.

SeaEnergy has agreed to move the assets into a new company, Gasmonte Limited, and Remp is acquiring that company for a “nil consideration” to try and pursue the opportunities there, and SeaEnergy retains an option to participate in the assets for up to US $20 million.

“I am proud to have founded, built and led SeaEnergy and Ramco before it,” stated Remp today, “…. over more than three decade, and to have achieved some exceptional success including building partnerships with some of the world’s leading companies. I wish the new team every success and look forward to taking forward a number of excitring oipportunities.”