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LONDON (Alliance News) - Thalassa Holdings Ltd Wednesday said its subsidiary WGP Survey Ltd has entered a contract to collaborate on a project to jointly acquire seismic data on 10 survey blocks in the Barents Sea.
The marine seismic-operations investment company said the deal was made in the 23rd licencing round and is in collaboration with TGS-NOPEC Geophysical Company ASA, a supplier of multi-client geoscience data products to the oil and gas industry.
The company said the project is expected to mobilise in May and last up to six months with WGP Survey providing its High-res 3D P-Cable system and personnel while TGS will provide sales and marketing services.
Thalassa said the cost of the project will be shared equally between both companies along with any income from data sales.
The company said a significant part of project costs have already been underwritten by customers with additional sales expected both before and after data acquisition.
Thalassa shares were up 1.5% to 302.92 pence Wednesday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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