290.0p
Gain to date: 16.1%
Marine seismic data specialist Thalassa (THAL:AIM) is better placed to finance its continued growth after a conditional £18.1 million placing (30 Oct) which got a good reception from the market. The dilution is a negative but the new shares (at 250p) were priced at a narrow discount and the institutional shareholder base has been broadened. Executive chairman Duncan Soukop welcomed the cash injection and flagged a record level of order enquiry for the company. We were attracted to the growth profile back in September (19 Sep) at 250p and did flag the risk of a fund raise. We continue to see long-term potential in the business. Thalassa’s portable modular source, or PMSS equipment is installed on vessels and the information generated by this offshore equipment is used to shape the production strategy for mature fields. This approach is known as permanent reservoir modelling and industry insiders believe the market could be worth a total of $20 billion over the next three decades, peaking in 2025.
