5th Apr 2016 08:59
LONDON (Alliance News) - Energy services company Thalassa Holdings PLC on Tuesday said its pretax loss narrowed in 2015, with revenue growth partly offsetting higher writedowns as the company suffered amid the downturn in the oil and gas industry.
Thalassa said its pretax loss for the year to the end of December was USD11.8 million, compared to USD12.2 million a year earlier.
Though the downturn in trading conditions in oil and gas markets forced the group to book USD12.9 million in one-off writedowns, compared to USD11.7 million the year before, this was partly offset by Thalassa posting revenue of USD18.9 million, up from USD15.5 million.
Thalassa said it performed well in 2015 despite the challenges in its key markets, with significant operational improvements made by its WGP subsidiary and a significant long-term contract secured with ConocoPhillips, the US oil giant, which will start in the third quarter of 2016.
Chairman Duncan Soukop said the long-term prospects for Thalassa remain strong and said the focus will be on ensuring Thalassa concentrates its energies on areas where it has a competitive advantage.
"2016 will be another tough year for the oil and gas industry. I fully expect bankruptcies to increase as exploration budgets are slashed. Nevertheless, as mentioned above, I am a firm believer that interesting times create interesting opportunities... for those able to capitalise on them," Soukop added.
Thalassa shares were up 8.2% to 41.10 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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