Business
Final Results to 31 Dec 2010
Final Results to 31 Dec 2010.
About this update from Thalassa Holdings Ltd
[{"type":"text","content":"\n \nRNS Number : 6295E Thalassa Holdings Limited 11 April 2011 \n \n\n \nTHALASSA HOLDINGS LTD\n \n \n(\"the Company\", Ticker Reuters THAL.L Bloomberg THAL LN)\n \n \nFINAL RESULTS\n \nYEAR TO 31 DECEMBER 2010\n \nAND NOTICE OF AGM\n \nChairman's Statement\n \nHighlights:\n \n· First seismic contract won using Thalassa seismic equipment generating US$404,086 (2009: US$ nil) in revenue:\n \no The Valhall contract is for 7 seismic-shoots over the Valhall field in the Norwegian section of the North Sea over a period of 3.5 years, with an option to extend for another two years by the contractor\n \no Procurement of a second PMSS™ unit \n \no Successful deployment of equipment in July 2010 and completion of the first seismic shoot during September 2010\n \no The second seismic shoot has started with the mobilisation of the equipment in the second half of March 2011 and is expected to complete early May 2011\n \n· Realisation of a further US$646,441 of gains from investments (including dividends and interest)\n \n· 61.3% increase in Revenue to US$1,050,527 (2009: US$651,162)\n \n· 253.1% increase in Profit to US$546,259 (2009: US$154,695)\n \n· 200% increase in diluted EPS to US$0.06 per share (2009: US$0.02)\n \n· Total realised gains for 2009 and 2010 US$1.3m (US$651,162 in 2009 and US$646,441 in 2010)\n \n· Placement of 700,000 shares out of Treasury at £0.30 per share\n \n \nDuncan Soukup, Executive Chairman, commented: \"The Company has taken a significant and long overdue step forward in 2010 with the award of the contract on the Valhall LoFS project and has curtailed all non-core investing activities.\n \nI am cognisant that some of our shareholders were concerned by our foray into the realm of financial investing during the economic crisis and the subsequent collapse in the price of oil. To them I would simply say: Thank you for your patience and continued support. To potential investors who were put off by our investing activities I would say: In the real world one sometimes has to be flexible to stay alive. If we had...