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Thalassa Holdings Ltd

  • BY: Andrew Hore |
  • POSTED: 14/04/2013 |

Oilfield services provider Thalassa Holdings Ltd has raised 5.4m from a placing at 120p a share with institutional investors.

The cash will be used to buy additional equipment and to provide working capital. Two months ago Thallassa announced an order worth up to $50m. Thalassa will provide seismic acquisition equipment and services for permanent reservoir monitoring.

Statoil has signed a letter of intent for a contract that could be worth more than $50m over the next five years. There is even scope for contract extensions worth a further $35m. The majority of the revenues will come from the services with less than $20m relating to the supply of the Dual Portable Modular Source System (D-PMSS).

In 2012, Thalassa reported a jump in revenues from $2.4m to $14m, while the pre-tax profit trebled to $1.2m. net cash was $2.5m at the end of 2012.

At 129.5p a share, Thalassa is valued at 16.8m.

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