Joint Venture and New Contract (9978E)
11 Junho 2012 - 3:00AM
UK Regulatory
TIDMTHAL
RNS Number : 9978E
Thalassa Holdings Limited
11 June 2012
11 June 2012
Thalassa Holdings Ltd
(Reuters: THAL.L, Bloomberg: THAL.LN)
("Thalassa" or the "Group")
JOINT VENTURE AND NEW CONTRACT
The Board of Thalassa, the AIM quoted marine seismic operations
company, is pleased to announce a new joint venture for the
commercialisation of new, patented 3D seismic technology.
Thalassa, through its subsidiary, WGP Group Ltd ("WGP"), has
executed a joint venture arrangement ("JV") with P-Cable 3D Seismic
AS ("P-Cable") to commercialise P-Cable's patented 3D seismic
technology. The benefits of P-Cable's new technology's include the
ability to produce low cost high-resolution 3D seismic data with
rapid deployment and retrieval from small vessels, as well as high
production rates (up to 25 sq Km/day) and the ability to acquire
data in shallow waters.
With its expertise in operating seismic equipment, as well as
its experience in securing data acquisition contracts WGP is the
operational and administrative partner of the JV with P-Cable
supplying the technology. WGP and P-Cable believe that their
combined capabilities provide an attractive offering for oil and
gas exploration and production companies operating on the
continental shelf throughout the North Sea and further afield.
Thalassa is also pleased to announce that the JV has secured its
first contract with an agreement to provide seismic data
acquisition surveys using the P-Cable 3D seismic technology for
Spring Energy Norway AS ("Spring Energy"). Spring Energy is a
privately owned Norwegian oil and gas exploration, development and
production company focused on the mature and immature areas of the
Norwegian Continental Shelf. Mobilisation has already begun and the
surveys are expected to commence on 8 June 2012 and to last for
four months.
Executive Chairman, Duncan Soukup, commented, "I am delighted
with the joint venture arrangement with P-Cable which again
recognises the technical expertise within WGP and further enhances
its reputation as an operator of seismic equipment. This is very
exciting news for the Group and involves us directly in the
operation and further development of P-Cable's patented acquisition
technology. The entering into the joint venture underlines our
intention to promote and develop new technology, and further expand
the Group's seismic offering. I am also pleased that the joint
venture has secured its first contract, which we are hopeful will
be the first of many as customers seek to take advantage of the
JV's capabilities.".
Contact:
Duncan Soukup, Executive Tel: + 33 (0)6 78 63
Chairman 26 89
------------------------- --------------------------------------
Thalassa Holdings Ltd
------------------------- --------------------------------------
Antony Legge/James Felix Tel: + 44 (0)20 7776
6550
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Daniel Stewart & Company
plc
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www.thalassaholdingsltd.com
Notes to Editor:
Thalassa Holdings Ltd, incorporated and registered in the BVI
and quoted on AIM, is a holding company with a focus on marine
seismic operations. The corporate strategy for the Group is
"Exploration and Beyond". "Exploration" is focused on activity in
frontier and challenging locations, whilst "Beyond" focuses on
production activity by looking to secure opportunities in the
permanent reservoir monitoring market. Thus activity and focus will
be dominated by projects in remote and challenging frontier
locations, coupled with lower risk projects in mature producing
regions.
Alongside the technical expertise and consultancy in marine
seismic operations provided through its subsidiary, WGP, the Group
owns and operates two portable modular source systems (PMSS(TM)).
The PMSS(TM) generates a seismic source for use in seismic
acquisition for use in petroleum exploration and production. The
equipment is temporarily installed on the back of a platform supply
vessel for the purposes of acquiring data.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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