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…
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