Further re Capital Investment

RNS Number : 4277F

Thalassa Holdings Limited

15 June 2012

 



15 June 2012

Thalassa Holdings Ltd

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

("Thalassa" or the "Group")

Increased business drives increased capital investment

Thalassa, the AIM quoted marine seismic operations business, is pleased to announce the enhancement of its operational capability through the agreement to acquire a further two compressor units,each consisting of an LMF compressor and a Caterpillar diesel engine.  These compressor units are similar to those currently in operation with the Group's two existing portable modular source systems (PMSS™), offer a high level of operational flexibility and may be used either with a PMSS™ or as a source system for other seismic data acquisition surveys.

Industry recognition of the abilities of the PMSS^TM, coupled with the acquisition of WGP in November 2011, has resulted in a strong growth in enquiries from potential clients.  In the year to date, Thalassa has secured $15 million of contracted revenues, however further growth is currently constrained by the Group's current base of capital equipment.  The investment into the two new compressor units will expand the Group's ability to meet the increased level of interest in its services.  The new compressor units are currently deployed for use on the Spring Energy contract, announced on 11 June 2012.

The compressor units, which usually cost around $2 million each when new, are being purchased out of internally generated cash, for an aggregate purchase price which is less than half of the cost of a single new unit.

Duncan Soukup, Chairman, said: "Part of our job is to ensure that we invest in the right equipment at the right price and at the right time so that we are ready and available when the client comes knocking.  With the level of enquiries for our equipment and services being higher today than at any time in the past, we are confident that this investment will produce solid returns in the future."   

Contact:

Duncan Soukup, Chairman	Tel: + 33 (0)6 78 63 26 89
Thalassa Holdings Ltd
Antony Legge/James Felix	Tel: + 44 (0)20 7776 6550
Daniel Stewart & Company plc

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 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.

 

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