LONDON (ShareCast) - Geophysical project management group Thalassa Holdings swung to pre-tax loss last year on the back of non-recurring costs.
The British Virgin Islands-based group reported pre-tax loss of $12.23m (£7.9m) compared with profit of $4.96m a year earlier, while one-off costs, which did not incur in 2013, were $11.7m.

In a statement released on Wednesday, the group said that revenue declined 49.1% to $15.5m, as exploration budgets were slashed after the oil industry was hit by staff cuts, disposals and equipment write-downs.

As a result, the group said it has decided to write-down all assets which are considered to be overvalued or which it believes will not generate sufficient future income to justify their current carrying value.

Meanwhile, Thalassa has reserved US$3.4m against the entire JSC Sevmorgeo receivable, including interest, and will seek legal redress if management is unable to negotiate an acceptable settlement with SMG and its parent JSC Rusgeology.

Thalassa shares were down 2.48% to 59.00p at 10:11 on Wednesday.

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