A lengthy slump in the price of oil has sent the energy sector into the doldrums, but that’s not the case at Bermuda-based oil and gas investment specialists Seacrest Capital Group.

The Hamilton-headquartered company is in the process of moving its office from Serpentine Road to Front Street, and expects to soon increase its on-Island staff from six to ten.

Despite the price of a barrel of oil hovering around $44, which is less than half what it was two years ago, company co-founder Henrik Schröder has a confident outlook for the future.

He sees greater deal opportunities abounding in the depressed market conditions.

Seacrest was founded five years ago and now promotes itself as one of the largest oil and gas exploration investors in the world. It is active in six countries, has more than 50 employees worldwide and at present has 49 exploration areas under licence.

The company was founded in 2010 by Bermuda residents Erik Tiller and Mr Schröder. The pair have worked together for 15 years.

Seacrest has a strategic partnership with Norway’s PGS, which operates a fleet of seismic ships that gather data about the location of potential offshore oil and gas reserves. Having conducted surveys in many parts of the world, the company has an extensive data library.

“They provide some of the best technology,” said Mr Schröder. “We are able to use this library, so when we decide where to go and look for gas and oil it gives us a head start on deciding where we should invest our money.”

The firm’s exploration specialists around the world do further diligence to identify the best prospects.

Seacrest secures oil exploration licences and the rights to “blocks” of seabed in favoured locations, setting up regional companies that are then in a position to allow other players, such as major oil producers, to take a share of the licences and exploration area blocks.

Seacrest has founded and grown six private oil and gas exploration companies in Brazil, Indonesia, Ireland, Namibia, Norway, and Britain.

The group is funded through private equity, with capital coming from energy investors, primarily in the US and Europe. Those investors include pension funds, private-equity funds and high net-worth individuals.

Acknowledging the downturn in oil and gas prices in recent years, Mr Schröder said: “There has been a blip for the past two years. There is going to be an uptick, and there will be intensive activity to find new discoveries to replace the oil reserves that are being depleted.

“The last year has been difficult with the oil price going sideways. Our view is that in one or two years from now there is going to be a change.”

With energy producers scaling back their exploration budgets because of the squeeze on their finances created by low oil prices, Seacrest is positioning itself for the eventual rebound.

“It means we can find attractive deals for new licences. The [pricing] cycles come and go. It is always about the timing. We can work hard to be positioned when the opportunities come. We feel very confident about the future,” said Mr Schröder.

He also feels Seacrest has the perfect home in Bermuda, as it is centrally located in the “Atlantic margin” — a region of oil and gas exploration with hot spots along the northwest coastal areas of Europe, the western coast of Africa, the eastern coasts of the Americas, and the Gulf region.

The Island is also rich in intellectual capital, as well as investment and legal expertise, he added.

This was underlined by Seacrest’s Mr Tiller, who said: “Bermuda is a fantastic place to operate from. The pool of talented and experienced professionals and outsourcing providers, the high-end infrastructure required to work in an efficient manner, and the good communications with Europe and the US, have all been crucial to Seacrest’s growth and continued success.”

Beyond its business activities, Seacrest involves itself in the local community, supporting the Bermuda Football Coaches Association, the Bermuda Davis Cup team, ABC Football Foundation and other activities such as TEDx Bermuda and the Ocean Vet TV series, featuring the late Neil Burnie.

Mr Schröder said the sporting involvement was a way of positively changing young people’s minds and outlook during their formative years.

He added: “We want to make the place where we live and work a better place. We wish that so much of the economic success here can trickle down to everybody, so everyone feels part of the success.”

Mr Schröder said there were also interesting crossover opportunities with the work of the Bermuda Institute of Ocean Sciences (BIOS), the Bermuda Aquarium, Museum and Zoo and conservation efforts, and mentioned Seacrest’s support for the Ocean Vet series.

“Neil Burnie was a dynamo, and you could not get a better platform to show what Bermuda can offer the world in terms of marine science and studies than BIOS.”