Wow!12 Mar 2012 07:15
TIDMTHAL
RNS Number : 1016Z
Thalassa Holdings Limited
12 March 2012
Thalassa Holdings Ltd
(AIM: THAL)
("Thalassa" or the "Company")
FINAL RESULTS
YEAR TO 31 DECEMBER 2011
AND NOTICE OF AGM
Highlights
-- 2011 Revenue from continuing operations US$ 2,427,985 versus US$ 404,086 for 2010, an increase
of 501%.
-- 2011 Operating Profit after depreciation US$ 344,712 versus a loss of US$(190,751) for 2010.
-- Net Profit for 2011 amounted to US$ 355,675 versus a loss in 2010 of US$(100,182) (excluding income from financial investment activities of US$ 646,441).
-- 2011 Earnings Per Share US$ 0.04 versus a loss of US$(0.01) (from operations, excluding gains on
financial activities) for the same period in 2010 (2010: US$ 0.06 including gains on financial
activities).
-- Book value as at 31 December 2011 increased to US$ 9,009,709, an increase of 20.7% from US$
7,463,084 as at 31 December 2010.
-- Both of Thalassa's portable modular source systems ("PMSS(TM)") deployed during the period.
-- Successful completion of thirteenth and fourteenth Life of Field Seismic ("LoFS") surveys over the
Valhall Field in the North Sea.
-- Second seismic source deployed in the Arctic with ION Geophysical Corporation for the Russian
Government.
-- Acquisition of WGP Exploration Ltd completed in November 2011.
Contact:
Duncan Soukup, Chairman Tel: + 33 (0)6 78 63 26 89
Thalassa Holdings Ltd
Antony Legge Tel: + 44 (0)20 7776 6550
Daniel Stewart & Company plc
Notes to Editor:
Thalassa Holdings Ltd, incorporated and registered in the BVI in 2007 and listed on AIM in July 2008, is a holding company with a focus on Marine Seismic operations.
Chairman's Statement
I am pleased to report the Company's results for the year ended 31st December 2011. Results surpassed both our budgeted forecast as well as the expectations which we announced 13th October 2011. Thalassa's financial performance for 2011 benefitted from the deployment of both of the Company's source systems which resulted in increased operating activity both in the North Sea (LoFS) and the Arctic (Geophysical Mapping).
I am also pleased to announce that in November 2011 we completed the acquisition of WGP Exploration Ltd ("WGP") and that the integration of WGP has since progressed smoothly. I am hopeful that the merger of the two operations will now form a stable platform for future growth.
Outlook for 2012:
Year on year revenues for 2012 are anticipated to be significantly up on 2011 as the Group benefits from a full year of WGP's activities. Long term growth prospects for the enlarged group remain encouraging with record inquiries and a number of potential long term contracts.
Duncan Soukup, 9 March 2012
Operational Overview
For the first time, the Group deployed bot