Thalassa Holdings (AIM:THAL) – unrestricted cash rises
The marine geophysical group has announced an increase in available unrestricted cash of US$1.35m to US$18.5mas at 4 November 2015 (or US$19.3 million total cash).
The increase is as a result of a bank guarantee provided to Statoil Petroleum AS being reduced from US$2.20m to US$0.85m. The bank guarantee was issued to Statoil in March 2013, in connection with the manufacture and sale of the Group’s D-PMSS™ unit. The reduced bank guarantee is now based solely on a percentage of the estimated annual survey contract value. The D-PMSS™ is deployed in long-term seismic acquisition services for permanent reservoir monitoring of the Snorre and Grane oil fields in the Norwegian sector of the North Sea. The bank guarantee expires on 27 March 2016, when it may…