LONDON (ShareCast) - Thalassa Holdings saw 2012 revenue and profit soar following the completion of seismic surveys in the North Sea for BP and Spring Energy.

Revenue rocketed by 477% to $14m from the previous year’s $2.4m while operating profit grew 330% to $1.5m from $0.3m.

Net profit was up 238% to $1.2m from $0.4m on the back of strong operational performance.

The group, which supplies seismic equipment to energy companies, benefited from the completion of the 15th Life of Field Seismic survey for BP over the Valhall field in the North Sea.

Also in the North Sea, the firm completed seismic acquisition services using P-Cable 3D seismic technology for Spring Energy.

During the year, Thalassa scored a turnkey contract with Joint Stock Company Sevmorgeo (SMG) to provide seismic acquisition services in the Arctic.

"I am happy to report record financial performance at every level in 2012. The 15th LoFS survey over the Valhall Field in the North Sea in the first half and the SMG Arctic and Spring Energy projects in the second half were all completed successfully and, had it not been for appalling weather in the North Atlantic during third quarter 2012, results would have been even better," Chairman, Duncan Soukup said.

He said this year the company will reap rewards from the SMG contract and two potential agreements with Statoil.

RD

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