OHM eyes further growth as demand increases
17 September 2007
Offshore Hydrocarbon Mapping moved into profit during the second half of 2007, as demand for specialist surveys from the oil and gas services business continued to grow.
In a trading update for the year to 31 August 2007, the company said its Controlled Source Electro Magnetic (CSEM) surveying techniques had become established in the market as a mainstream exploration tool
The company noted that its surveying vessel, OHM Express, was now operational and demonstrating exceptional performance In addition, it had struck a strategic global marketing alliance with CGGVeritas the worlds’ largest independent seismic company, and had acquired Rock Solid Images in the US to further develop the integration of CSEM with multiple data sets.
Dave Pratt, OHM’s chief executive, said: “The past twelve months have been momentous for the company, culminating with the important and strategic deals with CGGVeritas and Rock Solid Images which together with our recent fundraisings will allow the company to accelerate its growth.
“The move into profitability in the second half is particularly pleasing and significant events have occurred which confirm OHM’s views on patents in the CSEM space.”
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