Transaction in Own Shares

Thalassa Holdings Ltd

(AIM: THAL)

("the Company")

TRANSACTION IN OWN SHARES

The Board of the Company is pleased to announce that it has privately placed 500,000 ordinary shares of US$0.01 each ("ordinary shares") out of Treasury at a price of 30p per ordinary share raising gross proceeds of £150,000. The transaction is expected to close on 18 August 2010. The placing price is at a 100 per cent. premium to the price at which the Company acquired the shares in June 2009.

Following the private placement the Company's issued share capital, excluding Treasury shares, comprises 7,000,000 ordinary shares of US$0.01 each. The total number of ordinary shares held in Treasury is 1,500,000.

Commenting Duncan Soukup, Chairman said "We are pleased to have received further institutional support for the Company. Proceeds from the private placement will further strengthen the Company's already healthy balance sheet and be used for the acquisition of equipment being used on the recent contract win in the North Sea, Valhall oil field."

Contact:

Duncan Soukup, Executive Chairman Tel: + 33 (0)6 78 63 26 89

Thalassa Holdings Ltd

Oliver Rigby Tel: + 44 (0)20 7776 6550

Daniel Stewart & Company plc