Thalassa Holdings Ltd has been better known for its board battle at Renewable Power & Light in recent months but it does have an oil services operation that is winning new business.
Thalassa is providing an ongoing seismic source service as part of a contract won by British geophysical services provider WGP to generate life of field seismic data for the Valhall oilfield in the Norwegian North Sea, which is owned by BP, Shell, Total and Hess Norge. There will be an average of two surveys a year. The next survey is planned for July and the surveys will continue until the end of 2013.
Thalassa will acquire the existing portable seismic source system used on the oilfield used for the surveys and it will be able to use it on other fields if it can generate the work.
Thalassa is hopeful that demand for its services will recover and additional contracts will be won.
At 52p a share, Thalassa is valued at £3.38m.
© 2021 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.