18 January 2008
Offshore Hydrocarbon Mapping plc ("OHM" or "the Company"): Board Restructuring
In its results announcement of 19th November 2007, the Company announced that the Nomination Committee, recognising the progress of the Group , had begun a review of the Board composition, strength and skill matrix with the intention to support the Group with the appropriate oversight through its next generation of development.
Offshore Hydrocarbon Mapping is pleased to announce that the first stage of this review has now been concluded and the following changes will be effective immediately.
Dr. Pierre Jungels, who has served as non-Executive Chairman since IPO in March 2004 has retired from the Board. Dr. Jungels has been instrumental in establishing a strong corporate governance ethos and in guiding the Company through its early growth stage. With OHM's technology now becoming mainstream, the strategic alliance with CGGVeritas and the acquisition of Rock Solid Images, both announced in 2007, Dr. Jungels now feels that the time is right to step away and let others take the Company forward.
Dave Pratt, currently Chief Executive Officer has been appointed as Executive Chairman. Dave Pratt will be responsible for setting and delivering on OHM's strategy and dealing with investor relations. The operational duties previously carried out by Dave Pratt will be taken up by Steve Hunt who was appointed Chief Operating Officer in June 2007,and Richard Cooper, President of Rock Solid Images, which was acquired in August 2007.
In line with OHM's desire to operate to high standards of corporate governance, Keith Lough who has been a non-executive Director since September 2004 will take on the additional role of Senior Independent Director.
Thierry Joseph Marie Le Roux has been appointed to the Board as a non-Executive Director.
Thierry Le Roux (54) is President and COO of CGGVeritas, and President of Geophysical Services. Mr. Le Roux had previously been Group President and CFO for CGG since September 2005. Before that time, he had been CEO of Sercel since June 1995 and Senior Executive Vice President of CGG's Products segment since October 1998. He was CGG's Business Development Manager from 1992 to 1995 and Far East Manager from 1984 to 1992.
Mr. Le Roux is also Chairman of the Board of Sercel S.A., Chairman of the Board of Sercel Inc., Chairman of the Board of Hebei Sercel-Jungfeng Geophysical Prospecting Equipment Co. Ltd, Chairman of the Board of Sercel England, Chairman of the Board of CGG Services S.A.,a Director of Sercel Singapore Private Ltd., a Director of INT. Inc. and Chairman of the Supervisory Board of Tronic's Microsystems S.A.
Stephen John Ludlow has been appointed to the Board as a non-Executive Director.
Stephen Ludlow (57) has spent his entire careeer with seismic specialists Digicon (which became Veritas DGC ) having joined them in 1971. In 1994 Stephen was appointed CEO of Digicon and following the merger of Digicon and Veritas in 1996, he was appointed President and subsequently Vice Chairman of Veritas DGC until his retirement in March 2006.
Outgoing non–executive Chairman, Dr. Pierre Jungels, commented:
"OHM has come a long way since its admission to trading on AIM in March 2004. The CSEM technology is becoming well understood by the exploration industry and I am confident that the new Board composition especially with the new non-executive Director appointments, is the right one to drive sales and further develop the technology.
Executive Chairman, Dave Pratt, said:
"On behalf of myself and the Board I would like to thank Pierre for his encouragement, support and advice during OHM's initial growth stage and wish him well for the future.
"Thierry Le Roux has a wealth of experience in the geophysical data industry and his appointment to the Board is most welcome. The appointment will also provide further impetus and energy to our strategic alliance with CGGVeritas.
"I am also delighted that Stephen Ludlow has agreed to join our board. His experience in growing a high end geophysical business will be invaluable to OHM.."
Following the restructure the Board is now composed as follows:
Executive Chairman – Dave Pratt
Chief Scientific Officer – Dr. Lucy MacGregor
Finance Director – Bob Auckland
Senior Independent Director and Non-executive Director – Keith Lough
Non-executive Director – Thierry Le Roux
Non-executive Director – Stephen Ludlow
Board Committees' membership is now composed as follows:
Audit committee – Keith Lough (Chair) – Steve Ludlow , Thierry Le Roux
Remuneration Committee – Steve Ludlow (Chair), Keith Lough, Thierry Le Roux
Nominations committee – Dave Pratt (Chair), Keith Lough, Steve Ludlow, Thierry Le Roux
For further information, please contact:
Offshore Hydrocarbon Mapping plc
www.ohmsurveys.com
0870 429 6581
Dave Pratt, Executive Chairman
Bob Auckland, Finance Director
Aquila Financial Limited
www.aquila-financial.com
Peter Reilly 0118 979 4100
KBC Peel Hunt
020 7418 8900
Julian Blunt
David Anderson
Appendix
In accordance with Schedule 2 (g) of the AIM Rules, Thierry Le Roux has held the following directorships or partnerships in the past 5 years:
Current directorships:
Sercel SA
Sercel, Inc.
Hebei Sercel – Junfeng Geophysical Prospecting Equipment Co. Ltd
Sercel Holding SA
CGG Americas, Inc.
Sercel England Limited
Sercel Singapore Private Ltd
CGG Veritas Services, Inc.
INT.Inc.
Tronic's Microsystems SA
Cybernetix SA
Directorship's within the last five years:
Sercel Australia Pty Ltd
Sercel Canada Ltd
Createch Industrie SA
Flagship SA
Consortium Francais de Localisation
Geosensor Corp2 Inc.
Paradigm Geophysical Ltd
Mobiloc SAS
In accordance with Schedule 2 (g) of the AIM Rules, Stephen Ludlow has held the following directorships or partnerships in the past 5 years:
Current directorships:
None
Directorship's within the last five years:
Veritas DGC, Inc.
There are no further disclosures to be made under Schedule 2 (g) of the AIM Rules in respect of either Mr Le Roux or MrLudlow.
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