Revenues on the up at Offshore Hydrocarbon Mapping as surveying orders build
11 March 2009
Revenues at Offshore Hydrocarbon Mapping jumped by 30% in the first half of the year as demand for the company’s oil and gas field surveying services got a shot in the arm.
Revenues for the period are expected to be in the region of £6.1 million, driven by an increase in demand for controlled source electromagnetic (CSEM) imaging services and by strong growth in the rock physics driven seismic inversion services provided by the group's Rock Solid Images subsidiary.
Recently announced cost reductions will not take full effect until the second half of 2009, although costs associated with the restructuring mean that pre-tax losses in the first half are expected to top £5.8 million. However, the group still has cash balances of around £2.3 million and its borrowing facilities of US$ 3 million remain untouched.
OHM’s cost reduction programme was instigated in response to falling oil and gas prices, which led to a slowdown in work programmes by oil companies. Nevertheless, OHM said it remained confident about the future of the industry and pointed out that the pipeline of work at Rock Solid Images now extended well into the second half of the year.
Likewise, positive progress has been made in CSEM adoption with five new clients added within the half year period. WISE, the group's latest product which enhances CSEM data, has also just completed its first commercial project.
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