Thalassa Holdings Ltd, a holding company, signed a letter of intent (LoI) to sell WGP Group Ltd, a marine geophysical services company, for a sale consideration of up to US$30 million (MM).
The consideration consists of an upfront payment of US$20 MM and performance based earn out of up to US$10 MM.
Duncan Soukup, chairman of Thalassa Holdings, said, “The Thalassa Board believes that the Proposals represent excellent value for shareholders. The Board also believes that these Proposals will secure the long-term future of WGP and facilitate ARL’s business development. The interested party brings substantial node manufacturing and deployment and recovery experience to the table, which are core components of ARL’s flying node system project.
However, the Board would point out that until due diligence has been completed and contracts exchanged, the Proposals are subject to potential change or non-completion.”