20th Mar 2014 11:40
LONDON (Alliance News) - Thalassa Holdings Ltd Thursday said its pretax profit increased in its full year 2013 as revenues more than doubled on new deals during the period.
The marine seismic-operations investment company said its pretax profit almost quadrupled to USD5.0 million in 2013 from USD1.3 million the previous year, as revenues increase to USD30.6 million from USD14.0 million in 2012.
The company said its revenues increased mainly as a result of manufacture, sale of equipment and delivery of services to Statoil ASA and for seismic survey services to SMG in Ecuador.
However, the company noted that its cost of sales increased to USD21.3 million from USD9.1 million the previous year, and its administrative expenses increased to USD4.4 million from USD2.9 million in 2012.
Thalassa was awarded a major contract by Norwegian oil giant Statoil during the period, for the manufacture of a new Duel Portable Modular Source System for USD19.8 million and for the provision of long-term seismic acquisition services for permanent reservoir monitoring of the Snorre and Grane oil fields in the Norwegian sector of the North Sea for up to USD65.0 million.
The company noted that due to bad weather conditions it is yet to complete the first shot point for seismic acquisition as part of the Statoil deal, which is now expected for April.
Thalassa noted that in 2014 it has signed new contracts with SAExploration Inc for services related to seismic acquisition projects in Alaska and with TGS-NOPEC Geophysical Company ASA regarding seismic data on 10 survey blocks in the Barents Sea.
The company also said its total book value has increased significantly to USD51.2 million from USD10.3 million the previous year, and its current level of order enquiry and tenders submitted are in excess of USD142 million.
Thalassa shares were down 1.2% to 289.00 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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