Trading Update (9996E)
11 Junho 2012 - 3:00AM
UK Regulatory
TIDMTHAL
RNS Number : 9996E
Thalassa Holdings Limited
11 June 2012
11 June 2012
Thalassa Holdings Ltd
(Reuters: THAL.L, Bloomberg: THAL.LN)
("Thalassa" or the "Group")
TRADING UPDATE
In conjunction with today's earlier announcement of the joint
venture arrangement ("JV") with P-Cable 3D Seismic AS and the award
of the JV's first contract, which follow the recent award of the
Arctic contract as announced on 3 April 2012, the Board of Thalassa
is pleased to announce that contracted revenues for 2012 are now
around $15 million, with profits expected to show a several fold
increase against current market expectations.
Of the four major known and potential projects described in the
final results announced on 13 March 2012, the Board of Thalassa
confirms that:-
-- BP Valhall: the Life of Field Seismic survey 15 is currently
underway and expected to complete by the end of June 2012,
-- 2012 Arctic Operations: work has commenced on the major
turnkey contract to provide seismic data acquisition in the Arctic
which was signed with State Sevmorgeo Company in Russia,
-- P-Cable Joint Venture: the P-Cable joint venture has now been
signed and the first contract secured, and
-- PRM Consultancy: the permanent reservoir monitoring ("PRM")
feasibility studies are underway with the hope of securing more
contracts next year.
The increase in contracted revenues demonstrates the significant
value of the acquisition of WGP in November 2011. The combination
of the technological benefits of Thalassa's portable modular source
system ("PMSS(TM) ") with WGP's operational expertise is now
beginning to deliver significant benefit for shareholders.
Contact:
Duncan Soukup, Executive Chairman Tel: + 33 (0)6 78 63 26 89
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Thalassa Holdings Ltd
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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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