Offshore Hydrocarbon Mapping secures $2m credit facility
24 December 2009
AIM listed oil and gas surveying specialist Offshore Hydrocarbon Mapping has agreed terms of a $2 million credit facility with affiliates of its two largest shareholders, East Hill Hedge Fund LLC and Euro Trans Skips AS (Seatrans).
The deal has been arranged because of a delay in expected orders for OHM’s controlled source electromagnetic surveying services.
Whilst the group's recent strategic partnership with the Bureau of Geophysical Prospecting in China (BGP) has already yielded its first survey offshore Equatorial Guinea, two other significant CSEM opportunities which it had been anticipating to convert into contracts by this stage have now been delayed until 2010.
OHM said it had arranged the new funding to increase its cash reserves in order to accommodate the delays and to help it continue to take advantage of the continued flow of CSEM opportunities, several of which have already been identified as revenue generating projects.
Richard Cooper, the chief executive of Offshore Hydrocarbon Mapping, said: “OHM is very pleased to have the continued support of its two largest shareholders. Backlog of seismic reservoir characterization projects within our Rock Solid Images subsidiary remains at a high level, and we continue to grow backlog in the CSEM processing division of OHM Ltd. However, the acceleration in growth of our marine CSEM business has been slower than anticipated and we are pleased to have this additional financial cushion available to help us develop this market.”
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