Business
Final Results to 31 December
Final Results to 31 December.
About this update from Thalassa Holdings Ltd
[{"type":"text","content":"\n RNS Number : 7270L Thalassa Holdings Limited 12 May 2010 \n\nTHALASSA HOLDINGS LTD\n \n(\"the Company\", Ticker Reuters THAL.L Bloomberg THAL LN)\n \nFINAL RESULTS FOR THE YEAR TO 31 DECEMBER 2009\nAND NOTICE OF AGM\nChairman's Statement \n \nSummary:\n \n· THAL registers initial profit\no 2009 revenues $651,000, net income $155,000 and EPS $0.02\n \n· Since the year end, the Group has realised a further US$377,000 in gains from the disposal of investments\n \n· Formation of Thalassa Public Investments Ltd completed\no 2009 ROCE +108% (weighted), ROCE +198%\n \n· Formation of Thalassa Private Investments Ltd completed \no investment in a number of strategic and private situations completed\n \n· Deployment of Thalassa Energy Services PMSS™ unit still pending\n \nOverview:\n \nThalassa Energy Services Ltd.\n \n2009 was a year of immense challenge for the oil services industry; in some respects more so than 2008. The collapse in the price of crude oil from a high of $145 per barrel in July 2008 to a low of $34 per barrel in February 2009 allowed the major E&P companies to acquire distressed assets, restructure marginal areas of their own businesses, delay new and renegotiate existing service and supply contracts across the board. \n \nWith crude oil trading in the region of $85 per barrel in mid April 2010, oil service contracts of the type that we were competing for are now tendering again. Unfortunately pricing has collapsed whilst competition has increased. Notwithstanding the reality of the new order, I remain committed to the business and we continue to explore opportunities with our operating partner, WGP.\n \nThalassa Public Investments Ltd./Thalassa Private Investments Ltd.\n \nGiven the collapse in the price of crude oil in 2008, your Board took a number of initiatives to protect and build shareholder value. \n \nFirstly I loaned the Company US$1,280,619. Although this loan carried an interest rate of 10%, I forgave all interest in the year to 31 December 2009. Secondly your Board further cut their remuneration at the same time as I waived all my fees and compensat...