Last checked at 18 Mar 2015 07:00
Thalassa Holdings Ltd
(Reuters: THAL.L, Bloomberg: THAL:LN)
("Thalassa" or "the Company")
Announcement of Results for the Year ended 31 December 2014
In light of the continuing pressure on oil prices globally, the Company, in common with the industry and in accordance with prudent accounting principles, is conducting a comprehensive and cautious review of the carrying value of its assets. It has also implemented a cost savings programme within its core business to reflect the current conditions in the industry.
Notwithstanding this review, the Company continues to benefit from a strong cash position, US$16.4 million (including US$2.2 million which is restricted) as at 16 March 2015, and a good level of continuing order enquiries. The Board is pleased to report that the Company has made its first two data sales in 2015 generating US$1.6 million gross or US$1.4 million net of agent commission relating to the 23rd Norwegian licence round first announced on 5 March 2014.
Whilst the overall trading environment remains extremely challenging, the Board is confident that the Company is well positioned to benefit from a recovery in industry activity. The Board anticipates that, based on its current book of contracted business, Thalassa will break even in the year ending 31 December 2015 and that, following conversion of some of the opportunities referred to above into contracted orders, would meet current market expectations of pre-tax profit of US$1 million on revenue of US$18 million.
In light of the above, the Board expects that Thalassa's results for the year ended 31 December 2014 will be announced in early June 2015.
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.