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Rock Solid contract for geophysical firm

Rock Solid contract for geophysical firm
Rock Solid Images (RSI) said today work to turn the company around was paying off with a new £705,000 contract.

Rock Solid Images (RSI) said today work to turn the company around was paying off with a new £705,000 contract.

The firm said the deal, a project to re-process and integrate seismic, controlled-source electromagnetic (CSEM) and well data for a south-east Asian national oil company, was probably its biggest as RSI.

The firm, which provides geophysical processing and interpretation consulting services to the oil and gas industry, said the project would start immediately and take about four months.

RSI, previously called Offshore Hydrocarbon Mapping (OHM), has an office in Aberdeen and is mid-way through a strategic review, being led by investment banking firm Simmons and Co, which could see the firm sold.

Peter Reilly, non-executive chairman at RSI, said different options were being looked at but that business was picking up after a tough time.

“We have had a few tough years,” he said. “Most of the last year has been putting things right, putting investment in the right places and moving the company forward.

“This large contract, probably our largest as Rock Solid, with a new client and another in November in west Africa are the first real fruits of that effort.”

Revenues at the firm are expected to be about £4million for 2011-12.

Analysts at Fox Davies predicted last year this would double to about £8million in 2012-13 and that the firm would return to profitability in 2011-12 after selling off the data-acquisition side of the business.

Today, Fox Davies said the south-east Asian contract “further helped support” those predictions.

RSI also said yesterday it had appointed James Tomlinson as vice president of its WISE Products and Services division.

He had previously worked at OHM as well as seismic firm EMGS.

RSI has 45 staff, mostly based in Houston with a handful based out of Aberdeen.

It was founded in 1998 and bought by OHM in 2007. OHM then rebranded as RSI and then split the business in two, selling off the OHM marine acquisition business and focusing on re-processing and interpretation.

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