Offshore Hydrocarbon Mapping introduces efficiency plan
10 February 2009
Specialist oil and gas surveying business Offshore Hydrocarbon Mapping this morning reported to the market that its had moved to slash its short-term commitments while preserving service offerings to clients.
The developments come after a particularly tricky period for OHM, which has seen it struggle to find oil and gas groups willing to contract its surveying services, combined with major industry uncertainty and the possibility that the company was going to be sold to a trade buyer. It noted today that all discussions with potential buyers had now been terminated.
Despite its problems, some recent successes including the Jubilee oil discovery in Ghana, has seen demand for its Rock Solid Images services growing. However, being at an earlier stage in the technology adoption cycle, OHM’s Controlled Source ElectroMagnetic (CSEM) surveying is more vulnerable to cutbacks than more mature technologies in uncertain times.
Nevertheless OHM said its market intelligence suggested that oil companies have significant budgets for CSEM in 2009 and shows a number of major oil companies planning on adopting the technology commercially for the first time.
In an effort to align itself with current market conditions, the company has opted to introduce a series of measures, including a rationalisation of its cost base, a renegotiation of its vessel charter contracts and some capital investment in Rock Solid Images.
OHM’s executive chairman, Dave Pratt said: “The actions we have taken to significantly reduce our fixed costs are intended to stabilise the business and allow us to move forward with our full service offering intact. OHM and its shareholders have come through a very difficult six months, I am hopeful that we will now be able to move forward with confidence.”
|
Relevant Companies
For more company information click below:
Headlines
17 March 2010
17 March 2010
17 March 2010
17 March 2010
17 March 2010
17 March 2010
17 March 2010
17 March 2010
16 March 2010
16 March 2010
16 March 2010
16 March 2010
16 March 2010
16 March 2010
16 March 2010
16 March 2010
16 March 2010
16 March 2010
15 March 2010
15 March 2010
15 March 2010
15 March 2010
15 March 2010
15 March 2010
15 March 2010
15 March 2010
15 March 2010
15 March 2010
15 March 2010
15 March 2010
12 March 2010
12 March 2010
12 March 2010
12 March 2010
12 March 2010
12 March 2010
12 March 2010
12 March 2010
12 March 2010
12 March 2010
12 March 2010
11 March 2010
11 March 2010
11 March 2010
11 March 2010
11 March 2010
11 March 2010
11 March 2010
10 March 2010
10 March 2010
» See all News
Features
16 March 2010
15 March 2010
12 March 2010
11 March 2010
08 March 2010
05 March 2010
05 March 2010
03 March 2010
03 March 2010
02 March 2010
02 March 2010
26 February 2010
25 February 2010
23 February 2010
22 February 2010
19 February 2010
» See all Features
Round-Ups
12 March 2010
12 March 2010
05 March 2010
05 March 2010
28 February 2010
26 February 2010
26 February 2010
21 February 2010
19 February 2010
19 February 2010
14 February 2010
12 February 2010
12 February 2010
05 February 2010
29 January 2010
29 January 2010
Popular
16 March 2010
15 March 2010
17 March 2010
17 March 2010
17 March 2010
16 March 2010
17 March 2010
12 March 2010
17 March 2010
10 March 2010
16 March 2010
17 March 2010
16 March 2010
16 March 2010
16 March 2010
16 March 2010
|