Thalassa invests to grow

Shares in seismic data company Thalassa jumped on Friday after it said it was investing in new equipment to cope with high demand.

The firm said that in the year to date it had secured $15m of contracted revenues but further growth was being constrained by lack of hardware.

The company is buying two compressor units to go alongside its portable modular source systems, which are used to collect data for petroleum exploration and production.

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"The investment in the two compressor units will expand the group's ability to meet the increased level of interest in its services," it said.

The compressor units, which usually cost around $2m each when new, were being purchased out of internally generated cash, Thalassa said.

It added that the purchase price which was less than half of the cost of a single new unit.

Shares rose 16% following the announcement.