OHM signs strategic deal with CGGVeritas
18 July 2007
Offshore Hydrocarbon Mapping today announced a step change in its business after signing a strategic alliance with CGGVeritas. The move will see the companies work together to develop the global market for Controlled Source Electro-Magnetic imaging (CSEM) and to capitalise on seismic and CSEM integration opportunities.
As part of the deal CGGVeritas conditionally subscribed for a 15% stake in OHM. The proceeds will be used to fund further data acquisition crews and strategic development opportunities.
Dave Pratt, OHM’s chief executive, said: “CGGVeritas is a giant of the geophysical industry and the strategic alliance is a defining moment in the history of the development of OHM. It marks a change from a small technology company to a company with access to global market reach and with the funds to develop the capacity to take advantage of the opportunities this will bring us.”
He added: “The proceeds from the Placing with CGGVeritas give us the resources necessary for our next phase of growth of our service business and to invest in strategic research and development opportunities.”
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