OHM confident despite seasonal market challenges
24 January 2008
Offshore Hydrocarbon Mapping warned today that half and full year results were likely to fall “significantly” short of expectations after the company acknowledged that it was being affected by challenging market conditions.
In a statement, the company blamed the lumpiness of market adoption and a pronounced seasonal imprint on the Controlled Source Electromagnetic Imaging (CSEM) market for its problems.
Despite the concerns, executive chairman, Dave Pratt, said the company expected activity levels to rise again in north-west Europe in the Spring. He added that OHM’s recent collaboration with CGGVeritas was expected to start to bear fruit over the next months.
“We believe that the market will grow in the long-term and that our offering to clients is technically superior,” he said.
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