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On 12 June 2012 ADVFN reported that Thalassa share price had jumped 61% to 47.50 following its announcement of a joint venture with P-Cable to market Thalassa’s patented high-resolution, sub-oceanic, seismic data acquisition technology and the commencement of a contract with State Sevmorgeo Company in Russia. Executive Chairman Duncan Soukup was looking forward to increased 2012 revenues with £15 million in contracts already in hand at that date.
Well, Mr. Soukup’s dreams are coming true. Thalassa’s share price has risen 114% in the last 30 days and 403% in the last 12 months. The stock is currently valued at 148.5. The rise in the stock has clearly been in response to a spate of regulatory announcements beginning on 27 February and culminating with today’s FY2012 final report.
27 February: Execution of a supplemental contract with Sevmorgeo that will generate additional revenue in excess of $500,000.
27 February: Execution of a letter of intent with Statoil ASA for long-term monitoring of a permanent reservoir in the Norwegian sector of the North Sea. The contract, worth approximately $32 million runs through 2017 with options for two two-year extensions. Assuming the options are exercised, the total revenue would be nearly $65 million. In addition, the letter includes Statoil’s purchase of a custom modular source system which will be maintained by Thalassa subsidiary WGP for the life of the contract, adding an addition $19.8 million.
22 March: Announcement of an additional project with Sevmorgeo for equipment and services related to surveys being conducted in Ecuador. This short-term project is worth $6.7 million.
26 March: Final results for the year ended 31 December 2012. Annual revenue increased – are you ready for this? – 477% from $2.4 million in 2011 to $14 million in 2012. Operating and net profits increased accordingly at 330% and 238% respectively. Operating profit grew from $0.3 million to $1.5 million, while net profit rose from $0.4 million to $1.2 million. Earnings per share increased from 6¢ to 10¢.
Thalassa’s cash position position grew from $2.0 million on hand to $2.5 million. Putting the icing on the cake, the company has no outstanding debt. Zero. Zip. Nada.
Thalassa shares opened at 157.0 this morning before settling in at 148.50. The share price reached its all-time high of 165.0, not surprisingly, on 27 February, retracting to the 130’s until returning to 157.00 on 20 March.
Soukup declared that the news represents “the basis of an exciting new period of growth for our business” He added, “Had it not been for appalling weather in the North Atlantic during Q3 2012, results would have been even better.
