Offshore Hydrocarbon Mapping in strategic deal with BGP in Equatorial Guinea
16 November 2009
Offshore Hydrocarbon Mapping (OHM), the specialist oilfield surveying company, has signed a strategic partnership with the Bureau of Geophysical Prospecting in China (BGP) to provide marine-based controlled source electromagnetic surveying (CSEM) design, acquisition and processing services.
Under the terms of the agreement, the first survey will see OHM acquire marine CSEM data offshore Equatorial Guinea in a contract worth approximately $2.5 million. The survey is expected to start in late November 2009
Richard Cooper, OHM’s chief executive, said: “We are delighted that BGP, one of the world's largest geophysical contractors, has chosen OHM as their supplier of choice for our WISE integrated CSEM products and services.”
Elsewhere today, OHM revealed that revenues in the year to August 31 had reached £9.2 million, down from £10.8 million in 2008. The decline follows a 45% drop in OHM's CSEM marine acquisition market to £4.4 million, which it said was in line with market conditions. As a result, gross losses were £3.0 million compared to £2.3 million in 2008.
The company said it had continued to deliver consistent and reliable results to its customers in a number of key areas including West Africa and Latin America Conjugate Margins, the North Sea and North America shale plays.
Of note, it has swapped £27 million of charter liabilities for its two marine vessels for equity in the company and has now arranged a "pay as when used" agreement.
Dave Pratt, the company’s chairman, said: “Although we are not out of the woods yet, the future is looking substantially more promising as confidence returns to both the financial and commodities markets, and as the group begins to benefit from actions taken to reduce its fixed costs and liabilities.”
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