LONDON (ShareCast) - AIM-listed seismic data company Thalassa has reported that, following completion of its first contract with Russian geological sea survey company Sevmorgeo (SMG), and its Ecuadorian subsidiary Sevmorgeo S.A., the company's subsidiary, WGP Energy Services, had signed a binding letter of intent to execute a contract in respect of the second phase of the seismic data acquisition surveys to be conducted in Ecuador.

The contract, which is expected to be executed by the end of June, relates to surveys which are planned to commence on October 1st 2013 and continue until March 31st 2014, the group said.

Thalassa’s board said it anticipated that revenues in respect of the second phase would amount to between $4.0m and $5.4m, depending on the acquisition, standby and downtime incurred.

Duncan Soukup, Chairman of Thalassa, commented: "I am delighted that SMG has agreed to extend the initial contract entered into on January 18th 2013 which will increase the aggregate value of the work in Ecuador to more than $10.0m."

Thalassa’s share price was up 3.60% to 144p at 10:29 on Wednesday.

MF

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