Thalassa Holdings Ltd · LSE:THAL
Thalassa — Investor Presentation (June 2012)
29 slides from Thalassa's investor presentation, June 2012
Slide 1: Investor Presentation
INVESTOR PRESENTATION June 2012 Exploration of new hydrocarbon reserves and Beyond… working to increase the value and output of active reservoirs
Slide 2: Disclaimer
Disclaimer • The content of this presenta4on has not been approved by an authorised person within the meaning of the Financial Services and Markets Act 2000 (“FSMA”). Reliance on this presenta4on for the purposes of engaging in investment ac4vity may expose an individual to a significant risk of losi
Slide 3: Presentation Contents
Presenta7on Contents 1. Presenta4on Team 2. Company Overview i. Recent Milestones ii. Mission Statement iii. Our Exper4se iv. Portable Modular Seismic Source (PMSSTM) v. Life of Field Seismic 3. Current Ac4vity 4. Financial Highlights 5. Industry Landscape 6. Market Opportunity 7. Market Drivers 8.
Slide 4: Presentation Team
Presenta7on Team Mark Burne>, CEO, WGP Explora7on: Mr BurneV has over 15 years’ experience in the marine geophysical sector having worked ini4ally offshore with Western Geophysical (now WesternGeco) and onshore in opera4onal support and management func4ons within WGP. Mr BurneV holds a Bachelors Hono
Slide 5: Recent Milestones
Recent Milestones 2007 • Thalassa established to acquire and operate marine seismic equipment 2008 • AdmiVed to AIM • PMSS™ equipment acquired and assembled for $5.8m 2009 • Oil price collapses from $120 per barrel to $34 per barrel. Energy industry capital spending freezes; opera4ng rates collapse
Slide 6: Mission Statement: Exploration and Beyond
Mission Statement Explora7on • Acquisi4on of data as part of explora4on for new hydrocarbon resources • Opera4ng in niche challenging & fron4er loca4ons such as the Arc4c, Africa, Russia, Brazil • Crea4ng bespoke solu4ons for individual challenges And Beyond... • Providing geophysical solu4ons to he
Slide 7: Our Expertise
Our Exper7se • WGP Explora4on acquired by Thalassa in November 2011 • Provider of bespoke marine geophysical services and solu4ons since 1991 • Core Team of technical and opera4onal personnel • Development of Portable Seismic Source for BP (Valhall) • Global opera4ng experience, most recently: Russi
Slide 8: Portable Modular Seismic Source (PMSS)
Portable Modular Seismic Source (PMSS™) • The components of the PMSS™ comprise of modular units based on ISO sized containers, designed to be quickly installed for temporary use on vessels i.e. plarorm supply vessels • Thalassa’s 2 PMSS™ units are designed to be transportable for mobilisa4on worldwi
Slide 9: Life of Field Seismic
Life of Field Seismic • Life of Field Seismic (LoFS) is a methodology used for reservoir monitoring • The main purpose of reservoir monitoring is to extend the life and increase the yield of hydrocarbons extracted from a reservoir • Sensor cables are deployed on the seabed above the reservoir and aV
Slide 10: Current Activity 1/4
Current Ac7vity 1/4 • Thalassa and WGPE have been working with BP Norge AS BP Valhall on a permanent reservoir monitoring project for its Valhall Field in the Norwegian North Sea since 2010 • WGP working with BP since 2003 in u4lisa4on of 4D seismic with the aim of improving field management and maxi
Slide 11: Current Activity 2/4
Current Ac7vity 2/4 Sevmorgeo Jun-‐Oct 2012 • Installa4on of seismic equipment (PMSS™ and Streamer) on board Russian Ice Breaker vessel to conduct data acquisi4on in the Russian High Arc4c • Personnel & Management Geophysical Survey to delineate the Russian Con4nental Shelf 11
Slide 12: Current Activity 3/4
Current Ac7vity 3/4 Surestream Petroleum Ltd Statoil • Consultancy Services • Review Statoil's fleet of available Plarorm Supply Vessels (PSV's) & Anchor Handling Tug Supply Vessels (AHTS), to determine which ones preferable to install a Portable Seismic Source, for use on Life of Field Seismic proje
Slide 13: Current Activity 4/4
Current Ac7vity 4/4 P-‐Cable Spring Energy • Joint Venture arrangement with P-‐Cable 3D • Provision of seismic data acquisi4on surveys Seismic AS to commercialise P-‐Cable’s patented using the P-‐Cable 3D seismic technology 3D seismic technology • Focused on mature and immature areas of the • Be
Slide 14: Financial Highlights
Financial Highlights • 2011 Revenue $2.4m vs. $0.4m for 2010, an increase of 501%. • 2011 Opera4ng Profit $345k versus a loss of $(191)k for 2010 • 2011 Net Profit was $356k vs. a loss in 2010 of $(100)k* • 2011 EPS $0.04 vs. a loss of $(0.01)* for the same period in 2010 (2010: $ 0.06 including gains
Slide 15: Industry Landscape
Industry Landscape Marine Acquisi4on Services Data Processing Containerised Source Ocean BoVom Cable Ocean BoVom Node ElectroMag / CSEM 4D (Ocean BoVom Towed Streamer Transi4on Zone Shallow Water Seismic (Cable/ Source Vessel Geotechnical Systems Company Quoted / Unquoted Node)) 2D 3D 4D WesternGeco
Slide 16: Market Size
Market Size Market Size: Geophysical Value Chain Data Marine Land Marine Land Processing Data Library Acquisi4on Acquisi4on Equipment Equipment (8%) Sales (12%) Services (40%) Services (25%) (9%) (6%) Total Geophysical market value = $16-‐19bn Thalassa’s market poten7al within the Geophysical value
Slide 17: The Market Opportunity
The Market Opportunity Explora7on • High quality seismic considerably reduces explora4on risk • Shiq in seismic explora4on to fron4er regions, with increased challenges requiring bespoke solu4ons • Quality of equipment drives quality of seismic data Beyond (Produc7on) • Need for Enhanced Oil Recover
Slide 18: Market Drivers
Market Drivers 1. Increased global E&P capital expenditure • E&P companies are increasing their capital expenditure budgets to develop exis4ng reserves and re-‐inves4ng to maximise the life and produc4on of their exis4ng assets • Worldwide E&P spending for 2011/12 is forecast to increase by almost
Slide 19: Strategy
Strategy • Organic Growth – New marine seismic contracts with exis4ng and new global E&P partners – Asset Acquisi4on: Seabed acquisi4on technology (Nodes/Cables) / Addi4onal PMSSTM Units – Charter, build or acquire one or more seismic vessels – Increase & retain key personnel: Project Engineer (s) /
Slide 20: Summary
Summary • Niche operator providing bespoke solu4ons • Experienced management team in place • Growing market with significant growth drivers • Established customer base including major interna4onal oil companies – E.g. BP, Surestream, Statoil, Spring Energy contracts already signed – Recent contract a
Slide 21: Appendices
Appendices • Corporate Structure • Key Management • Key Sta4s4cs • Financials: – Profit and Loss – Balance Sheet highlights – Earnings per share / Key ra4os 21
Slide 22: Corporate Structure
Corporate Structure Thalassa Holdings Ltd (Holding Company) 100% WGP Group Ltd 100% 100% 100% 50% WGP Energy WGP Explora7on Ltd WGP Technical WGP Survey Ltd Services Ltd (Acquired on 16 Nov 2011) Services Ltd • Thalassa is a Bri4sh Virgin Island ("BVI") interna4onal business company, incorporated an
Slide 23: Key Management
Key Management Duncan Soukup, Chairman: Mr Soukup has over 25 years of investment experience. Having worked in investment banking for 10 years (1984-‐1994), laVerly with Bear Stearns as managing director in charge of the company's non-‐US equity business, Mr Soukup set up his own investment manage
Slide 24: Key Management: Non-Executive Directors
Key Management: Non-‐Execu8ve Directors John Duncan, Non-‐Execu7ve Director: Aqer 12 years' service as a marine engineer in the Marine Branch of the RAF, Mr Duncan joined the industry in 1979 and worked for Horizon Explora4on before founding WGP in 1994. He supervised design, building and ouri~ng
Slide 25: Key Statistics
Key Sta7s7cs • Market AIM • Ticker symbol Reuters: THAL.L Bloomberg: THAL:LN • Number of Shares in issue -‐ Basic 9,726,707 • Number of Shares in issue -‐ Diluted 11,851,707 • Number of Shares held in treasury 1,462,000 • Share Price – 52 week range £0.59 -‐ £0.18 • Current Share Price £0.57 • Da
Slide 26: Income Statement
Income Statement Period from 12 months to 12 months to 12 months to 26 Sep 2007 31 Dec 2009 31 Dec 2010 31 Dec 2011 to (A) (A) (A) 31 Dec 2008 $000's $000's $000's $000's Revenue - - 405 2,428 Cost of Sales - - -‐83 31 Gross Profit - - 322 2,459 Administrative e xpenses -‐309 -‐476 -‐486 -‐1,21
Slide 27: Balance Sheet Highlights
Balance Sheet Highlights 31 Dec 2008 31 Dec 2009 31 Dec 2010 31 Dec 2011 (A) (A) (A) (A) $000's $000's $000's $000's Non-‐current assets Goodwill -‐ -‐ -‐ 369 Tangible fixed assets 5,757 5,783 7,723 7,019 Available for sale i nvestments 34 1,580 -‐ -‐ Investment i n associates -‐ 240 -‐ -‐
Slide 28: Earnings per share / Key ratios
Earnings per share / Key ra7os 2008 (A) 2009 (A) 2010 (A) 2011 (A) Earnings per Share Number of Shares i n i ssue -‐ basic 8,500,000 6,500,000 7,200,000 9,726,707 Proft/Loss per Share -‐ Basic ($) -‐0.03 0.02 0.08 0.04 Proft/Loss per Share -‐ Basic (£) -‐0.02 0.01 0.05 0.02 Number of Shares -‐
Slide 29: www.thalassaholdingsltd.com www.wgp-‐group.com
www.thalassaholdingsltd.com www.wgp-‐group.com 29
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