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Thalassa Holdings Ltd

  • BY: Andrew Hore |
  • POSTED: 25/11/2010 |

Thalassa Holdings Ltd says that it will exceed profit and revenue expectations for 2010 after a strong second half.

The expectations were for revenues of $850,000 and a $250,000 profit.

Reveneus are generated by a contract 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. This will provide revenues for the next three years. Other customers are enquiring about Thalassa’s seismic data services. This increased interest has led to Thalassa deciding to withdraw from its investment activities, which it undertook when there was little interest in its seismic technology.

Thalassa’s chairman has loaned the company $1.2m. He will receive Thalassa’s private investments in return for part payment of the loan. These investments include former Aim shells, Renewable Power & Light and Bella Media. The remaining loan will be $266,000.

At 48p a share, Thalassa is valued at £3.46m.

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