Thalassa Holdings Limited New TGS Multi-Client contract (5295B)
05 Março 2014 - 4:00AM
UK Regulatory
TIDMTHAL
RNS Number : 5295B
Thalassa Holdings Limited
05 March 2014
5 March 2014
Thalassa Holdings Ltd
(Reuters: THAL.L, Bloomberg: THAL:LN)
("Thalassa" or the "Company")
New TGS Multi-Client contract
The Board is pleased to announce that the Company's subsidiary,
WGP Survey Ltd, and TGS-NOPEC Geophysical Company ASA ("TGS"), the
supplier of multi-client geoscience data products to the Oil and
Gas Industry listed on the Oslo Stock Exchange (TGS.OL), have
executed a contract to collaborate on a project to jointly acquire
and own multi-client seismic data on 10 survey blocks
(approximately 500km(2) ) in the Barents Sea recently announced in
the 23(rd) licencing round.
The project, which is expected to mobilise in May 2014 and last
up to six months, will include both multi-client and proprietary
work. WGP Survey Ltd will be providing the High-res 3D P-Cable(TM)
system and personnel, while TGS will provide sales and marketing
services.
The cost of the project will be shared equally between TGS and
WGP Survey Ltd, as will all income from data sales.
A significant proportion of the project costs have already been
underwritten by customers with additional sales anticipated both
before and after data acquisition. Customers will be licensed the
multi-client data on a non-exclusive basis, with no limits on the
number of sales that can be made.
Thalassa's Chairman, Duncan Soukup commented:
"We are very much looking forward to working with TGS on our
first Multi-Client project. We will be deploying our new
mini-PMSS(TM)specifically designed to operate with the
P-Cable(TM)system. Multi-Client work differentiates itself from
traditional seismic in that ownership of the seismic data is
retained by the operators (in this case, TGS and WGP), rather than
any one individual client, allowing the operators to sell the data
to multiple clients, hence the term 'Multi-Client' seismic. Whilst
there is potentially more risk associated with Multi-Client work,
in this case any exposure for WGP is not material and end
profitability has the potential to be significantly higher"
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 subsidiaries in the
Energy Services and Defence and Homeland Security Industries, 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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