Trading Statement (7755W)
25 Novembro 2010 - 5:00AM
UK Regulatory
TIDMTHAL
RNS Number : 7755W
Thalassa Holdings Limited
25 November 2010
25 November 2010
Thalassa Holdings Ltd
("Thalassa" or the "Company")
Trading Update
The Company is pleased to announce that, following better than
expected first half results, it anticipates a strong second half
operating performance. The second half has benefited from revenues
flowing from the seismic operating contract which the Company
announced on 11 June 2010. The result is that the Company's
financial performance for the year to 31 December 2010 is expected
to exceed current market estimates for revenues and profits of
$850,000 and $250,000 respectively.
The Company's North Sea seismic contract provides clear revenue
and earnings visibility from seismic operations over the next 3
years. In addition, the Company has seen a significant increase in
potential customer enquiries for its PMSS(TM) units. As a
consequence, the Company is curtailing its financial investment
activities, initiated as a temporary measure during the two year
hiatus in capital expenditure in the Company's area of focus,
namely production enhancement seismic surveys known as Life of
Field Seismic (LoFS) or 4-D, time lapse seismic which followed the
financial crisis and collapse in the oil price in 2008.
The Company also announces that it intends to repay the majority
of Mr Soukup's outstanding loan to the Company of approximately
USD$1.2 million. The loan will be repaid in the most part by the
transfer, at cost, of the Company's private investments. The
transaction will have a positive impact on second half results due
to related party losses that the Company has had to accrue in
connection with the private investments having been accounted for
as "associate" companies. Following this transaction, Mr Soukup's
loan will be reduced to approximately USD$266 000. To date Mr
Soukup has forgiven all accrued interest on loans he has made to
the Company.
The transfer at cost to Mr Soukup of the Company's private
investments is a related party transaction pursuant to AIM Rule 13.
The directors, with the exception of Mr Soukup, having consulted
with Daniel Stewart, the Company's nominated adviser, consider the
terms of the transaction to be fair and reasonable so far as the
Company's shareholders are concerned.
Contact:
Duncan Soukup, Chairman Tel: + 33 (0)6 78 63 26 89
Thalassa Holdings Ltd
Antony Legge/Oliver Rigby Tel: + 44 (0)20 7776 6550
Daniel Stewart & Company plc
Notes to Editor:
Thalassa Holdings Ltd, incorporated and registered in the BVI in
2007 and listed on AIM in July 2008, is a holding company with a
focus on Marine Seismic operations.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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