Offshore Hydrocarbon Mapping set to delay annual figures
21 November 2008
Oil and gas services company Offshore Hydrocarbon Mapping is planning to delay the release of its preliminary results after management time was diverted into dealing with the offer approach it received in late October.
Figures for the year to August 31 2008 are now expected on December 18.
In a progress update, the company said it was making some progress in sub chartering one or both of its vessels as part of a cost-cutting exercise. It said its advanced data analysis and data library businesses had been performing relatively well, and the backlog for advanced data analysis was at a high level.
Elsewhere, visibility of data acquisition projects remains low although the company said it was aware of significant work programmes being planned by major oil companies in 2009. It has also received interest from potential pre-committers to some data library programs.
OHM current currently has £5.5 million in cash, with burn rate now dependent on vessel utilisation and data library sales.
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