Revenues surge at Offshore Hydrocarbon Mapping
19 April 2007
Rapid uptake of new technologies by exploration groups looking for oil and gas has helped to drive up revenues at AIM-listed Offshore Hydrocarbon Mapping.
The company which specialises in Controlled Source Electromagnetic Imaging (CSEM), saw sales grow by 70 percent in the first six months to £7.6 million. It credited strong demand among exploration groups for the technology and said there were “clear signs” that growth was accelerating and that its estimates for market size of around US$700 million per year “may be conservative”.
OHM's chairman, Pierre Jungels, said market adoption of CSEM technology was now accelerating with most serious offshore explorers either using the technique or analysing in depth the value of using it.
“I believe that it is only a matter of time before shareholders and licensing authorities will expect exploration teams to automatically consider using CSEM data in addition to their more familiar 3D seismic,” he said.
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