OHM boosts surveying capabilities with RSI purchase
09 August 2007
Offshore Hydrocarbon Mapping, the company that provides Controlled Source Electromagnetic Imaging (CSEMI) services to the offshore oil industry, has agreed to buy RDSP Acquisition, Inc, the holding company of Rock Solid Images, for around £10.4 million in cash and shares.
Based in Houston, Texas, the RSI Group is an industry leader in the integration of fundamental rock physics with well and seismic data. Together OHM and the RSI Group intend to develop methods of adding CSEM data to this rock physics framework in order to provide clients with the best possible geologic insight and reservoir understanding.
Dave Pratt, chief executive of Offshore Hydrocarbon Mapping, said the acquisition of Rock Solid Images brought together two leaders in the reservoir imaging field.
“We have been collaborating together for over a year on initiatives to integrate CSEM data into Rock Solid Images’ geologic models and initial feasibility work carried out on a North Sea dataset has yielded exciting results,” he said. “Together, we will be able to accelerate research and development in this area and intend to secure the ownership of intellectual property rights developed in this field.”
The £7.6 million cash element of the acquisition is being funded through a placing of OHM shares.
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