Aquila Financial

Download press release (incl financial statements)

[PDF, 216KB]

Client profile

22 April 2008

Offshore Hydrocarbon Mapping plc ("OHM" or "the Company") (AIM:OHM): Interim results for the six months ended 29 February 2008

Offshore Hydrocarbon Mapping plc, the provider of remote electromagnetic sensing services designed to detect the presence of offshore oil and gas, today announces its interim results for the six months ended 29 February 2008.

Challenging market conditions

Revenues of £4.7 million versus £7.6m in the preceding half year

Cash balance of £14.4 million

Data Library investment increased

Rock Solid Images integration going well

CGGVeritas relationship flourishing

WISE research consortium formed with industry participation

Commenting on the results, OHM's Executive Chairman, Dave Pratt said:

"This first half year to 29 February 2008 has been a challenging market for all CSEM companies with no large proprietary surveys completed by the Company in the winter season. Against this backdrop OHM is directly addressing market adoption and our market penetration through the strategic developments announced last year. We remain focused on developing the reach of CSEM, and OHM as a leading developer of the technology.

We believe that our developing relationship with CGG Veritas will soon see an increase in our marketing penetration while the acquisition and integration of Rock Solid Images has improved the breadth and depth of our overall offering to clients."