Thalassa Holdings expects revenue to jump nearly 30% next year

16th Dec 2016 12:38

(ShareCast News) - Thalassa Holdings, which provides services to the oil and gas industry, expects operational revenues to rise next year for its subsidiary WGP Group.The AIM-listed company expects operational revenue to increase about 29% to $15m in 2017, compared to the estimated operational revenue for 2016 of $11.6m, before taking into account $2.3m in data sales.In November, the company said that despite "difficult" trading conditions in the oil and gas industry it expects revenue and pre-tax profit for 2016 to be $10.5m and $1.1m, respectively, due to $2m worth of late data sales.On Thursday, the company announced it had won a two month contract from ConocoPhilliips Skandinavia to monitor seismic data sets on an oil field in the North Sea next year.The company has been affected by the slump in oil prices as in the first half of the year its revenues fell to $5.2m from $9.9m, compared to the same period last year and its profit decreased to $2.9m from $4.2mShares in Thalassa Holdings were up 3.3% to 49.07 GMT.