Offshore Hydrocarbon Mapping rues uncertain oil and gas market
23 April 2009
Offshore Hydrocarbon Mapping today said that order visibility for its flagship controlled source electromagnetic (CSEM) sensing services remained low in the first half of the year on the back of continued uncertainty in the oil and gas market.
However, the oilfield surveying specialist said that its Rock Solid Images data analysis business was performing well. In addition, the company noted that its integrated offering was attracting industry attention.
OHM’s chairman, Dave Pratt, said that a review of the company’s operations had resulted in significant reductions in the group’s fixed costs. They included a renegotiation of the charter terms for OHM’s chartered vessels OHM Leader and OHM Express along with reduced headcount across the company.
He added: “OHM’s technologies provide new insights that will drive exploration success and enhance recovery of reserves. We continue to focus on prevailing in the challenging conditions we face, and on growing our order book to secure our place in these exciting markets to come.”
Revenues in the six months to February 28, 2009 were up 31% to £6.2 million with pre-tax losses increasing by 40% to £5.6 million.
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