OHM keeps the faith despite depressed market conditions
22 April 2008
Offshore Hydrocarbon Mapping has blamed challenging market conditions for a sharp fall in revenues during the first half of the year
The oil and gas mapping specialist said year-on-year sales had slipped to £4.7 million in the six months to 29 February 2008 from £7.6 million a year earlier.
However, it maintained that its developing relationship with CGG Veritas would soon see an increase in marketing penetration. In addition, the acquisition and integration of Rock Solid Images has improved the breadth and depth of its overall offering to clients, the company said.
Dave Pratt, OHM's executive chairman, said the first half year to 29 February 2008 had been a challenging market for all CSEM companies with no large proprietary surveys completed by the company in the winter season.
“Against this backdrop OHM is directly addressing market adoption and our market penetration through the strategic developments announced last year,” he said. “We remain focused on developing the reach of CSEM, and OHM as a leading developer of the technology.”
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