Thalassa Holdings Limited Sevmorgeo outstanding trade receivable update (9453L)
01 Maio 2015 - 3:00AM
UK Regulatory
TIDMTHAL
RNS Number : 9453L
Thalassa Holdings Limited
01 May 2015
30 April 2015
Thalassa Holdings Ltd
(Reuters: THAL.L, Bloomberg: THAL:LN)
("Thalassa" or "the Company")
Joint Stock Company "Sevmorgeo" Outstanding Trade Receivable
Update
The Company's subsidiary, WGP Energy Services Ltd ("WGP"), has
received a written notification from the new General Director of
its client, Joint Stock Company "Sevmorgeo" ("SMG"), that SMG now
claims it has not received any documentation confirming that WGP
fulfilled its obligations and therefore no longer recognises the
compensation due to WGP of $3.3m, excluding accrued interest, for
services provided in Ecuador during 2013. This is despite SMG's
previous acceptance of all invoices issued by WGP and numerous
correspondences from the former General Director of SMG confirming
the unpaid compensation, including a legal confirmation executed by
the parties in January 2014.
The Company reported in the Interim Report for the six months to
30 June 2014 (available at
http://thalassaholdingsltd.com/documents/NP0914-1583_P08FINAL.pdf)
that: "in a worst case scenario we may not recover the outstanding
trade receivable or the repatriation costs which, in the aggregate,
amount to approximately US$4.1m (a non-cash item of US$3.3m being
the outstanding trade receivable, and a cash item of US$0.8m
relating to repatriation costs)".
As part of the review of the Company's balance sheet for the
year to 31 December 2014, the Board had already intended to make a
provision against this outstanding receivable of US$3.3m, excluding
accrued interest. Whilst the contract with SMG clearly states that
demobilisation and repatriation costs are to SMG's account, the
Company will also recognise a charge in the 2014 accounts for
repatriation and remediation of its equipment to Europe as
indicated above.
Thalassa's Chairman, Duncan Soukup commented:
"Notwithstanding the position adopted by SMG's new General
Director, we are hopeful that this matter can be resolved amicably.
WGP has successfully operated for its Russian clients, including
SMG, for over 19 years and will continue to pursue further
opportunities with Russian clients as soon as the geopolitical
situation allows.
The Board remains positive for the outlook in 2015 and the
Company is experiencing an encouraging increase in order enquiry.
The Company's cash position remains strong at US$15.7m, including
US$2.2m of which is restricted."
Investor Enquiries:
Thalassa Holdings Ltd
Duncan Soukup, Chairman +33 (0)6 78 63 26 89
WH Ireland Limited (Nominated Adviser and Broker)
Chris Fielding, Head of Corporate Finance +44 (0)207 220 1650
Press Enquiries:
Square1 Consulting (Public Relations)
David Bick/Mark Longson +44 (0)207 929 5599
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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