Thalassa reaches end of claim against Sevmorgeo

Thalassa Holdings updated the market on an ongoing claim against Sevmorgeo on Friday, with a conclusion in sight.

In its financial statements for the year to 31 December 2015 released on 5 April 2016, the AIM-traded firm had referred to the outstanding trade receivable owed by joint stock company Sevmorgeo (SMG) to WGP Energy Services, a wholly owned subsidiary of Thalassa.

It said the debt was in respect of the provision of seismic equipment and related services in Ecuador.

The company confirmed at the time that arbitral proceedings had begun in the London Court of International Arbitration against SMG to recover the outstanding trade receivable plus interest and costs.

At the time it disclosed that Thalassa chairman Duncan Soukup had paid the $1.1m discount offered to SMG in January 2014 himself, on a non-recourse basis.

“The board is pleased to announce that WGP has entered into an assignment agreement with joint stock company Rosgeologia - the parent of SMG - under which the rights to the claim have been assigned to Rosgeologia for a consideration of $0.75 payable to WGP,” Thalassa’s board said in a statement.

“As a result of this assignment, the company is in a position to repay the chairman that amount of the discount he paid, but not its entirety.

“WGP has no further claim against SMG or Rosgeologia, and the claim will be discontinued,” it confirmed.