TIDMTHAL
RNS Number : 5859O
Thalassa Holdings Limited
23 September 2013
Thalassa Holdings Ltd
(Reuters: THAL.L, Bloomberg: THAL:LN)
("Thalassa" or the "Company")
Proposed Acquisition of the GO Science business
The Directors are pleased to announce that Thalassa has entered
into heads of terms and paid a non-refundable deposit of GBP360,000
in respect of the proposed acquisition of the business,
intellectual property and other assets of GO Science Limited ("GO
Science"). GO Science Limited was placed into administration on 31
July 2013.
GO Science, which has six employees, provides mobile sensor grid
services and products, in the UK and overseas, to multi-national
clients in the oil and gas, defence and homeland security sectors.
It offers innovative mobile sensor grid solutions in seismic
exploration, life of field extension, undersea asset integrity
inspection and survey, acoustic arrays, electro-magnetic arrays,
surveillance, communications and ocean sensing.
These solutions are provided using unmanned submersible
vehicles, developed by GO Science, which are designed to manoeuvre,
swarm and communicate with each other, at depths of in excess of
2,000 metres, in order to form a mobile sensor grid.
GO Science has 21 granted patents and 31 pending patents, in a
total of 33 countries, each of which will be transferred to
Thalassa under the proposed sale and purchase agreement.
Thalassa has agreed to acquire GO Science for a consideration
payable to the administrators, on behalf of GO Science Limited, of
GBP3.6 million, which comprises the initial deposit of GBP360,000
and a further cash sum on completion of GBP3,240,000. In addition,
Thalassa may issue up to GBP4.4 million of new Thalassa shares to
the shareholders of GO Science Limited, provided, inter alia and at
the discretion of Thalassa, Go Science's principal customer
contracts are re-activated.
In the year ended 31 December 2012, GO Science Limited reported
a loss before interest, taxation, depreciation and amortisation of
GBP0.3 million on turnover of GBP2.5 million. Its gross assets at
that date were GBP2.3 million.
A further announcement will be made when Thalassa has entered
into the sale and purchase agreement.
Duncan Soukup, Chairman of Thalassa, stated:
"This is a highly exciting acquisition for Thalassa.
We had been monitoring the situation at GO Science Limited since
we first became aware of the technology and its potential to have a
massive impact on the way marine seismic data is collected. As a
result of GO Science Limited being put into administration,
Thalassa has benefited from an unexpected opportunity to acquire
the business.
We believe that GO Science has developed a significantly
disruptive technology which, having already successfully concluded
various tests on behalf of both oil and gas and defence
organisations, will lead to substantial demand for its products and
services.
GO Science is capable of deploying unmanned submersible vessels
into deep water or challenging conditions which are beyond the
performance capability of current technologies.
In many respects, GO Science's business is highly complementary
with Thalassa's WGP business which also provides to a similar
customer base seismic acquisition services in challenging
conditions. Thalassa will also be able to apply its experience in
the development, design and manufacture of high technology marine
components.
GO Science will however be operated as a standalone business
within the Thalassa group, drawing on, in the same fashion as WGP,
the group's central management and administration functions."
Further information on GO Science can be found at
www.goscience.co.uk.
Contacts:
Thalassa Holdings Ltd:
Duncan Soukup, Executive Chairman +33 (0)6 78 63 26 89
WH Ireland Limited (Nominated adviser):
Chris Fielding, Head of Corporate Finance 020 7220 1650
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 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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