Supplemental Contract in Ecuador

RNS Number : 1875X

Thalassa Holdings Limited

06 February 2013

 



Thalassa Holdings Ltd

(Reuters: THAL.L, Bloomberg: THAL:LN)

("Thalassa" or the "Company")

Supplemental Contract in Ecuador

Further to the Company's announcement on 18 January 2013, the Board of Thalassa is pleased to announce that its subsidiary, WGP Energy Services Ltd, has entered into a supplemental contract with Joint Stock Company Sevmorgeo ("SMG" URL: www.sevmorgeo.com), the Russian geological sea survey company. The supplemental contract, which has a value of approximately US$1,000,000, is to supply 11 containers containing ocean bottom nodes and instrument rooms as part of seismic data acquisition surveys being conducted by SMG in Ecuador. The work is scheduled to commence immediately and is expected to be completed by 7 March 2013. The survey in Ecuador is scheduled to last until 15 June 2013.

Contacts:

Thalassa Holdings Ltd:

Duncan Soukup, Executive Chairman                                           [phone]

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™). The PMSS™ 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.

 

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