Thalassa surveying huge rise in profits

The seismic data company, Thalassa, has issued a big upgrade to its profit forecasts for 2012, on the back of a new technology joint venture and a growing order book.

The partnership with WGP Group will see Thalassa offer technology that can produce low cost 3D seismic data with from small vessels, as well production rates of up to 25 square kilometres per day.

The joint venture has already won one contract with Norwegian oil explorer, Spring Energy Norway.

In a separate announcement Thalassa says it now has contracted revenues for 2012 of £15m, "with profits expected to show a several fold increase against current market expectations."

This has led to a whopping 55.25% boost to the stock price in morning trading.

BS