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Bad news for workers at troubled OHM

Bad news for workers at troubled OHM
Troubled Aberdeen firm Offshore Hydrocarbon Mapping (OHM) dealt a further blow to its workforce yesterday, with news of about 40 further job cuts.

Troubled Aberdeen firm Offshore Hydrocarbon Mapping (OHM) dealt a further blow to its workforce yesterday, with news of about 40 further job cuts.

OHM, which also has offices in Malaysia, Singapore and America, said it was axing positions across the group but mostly at its Granite City-based UK operations.

Word of the job cuts came as the firm revealed that takeover talks with potential suitors had collapsed, with no offer for the company being made.

Shares in OHM ended the day up nearly 2.5% at 5.25p.

The latest job cuts follow seven redundancies at the firm last month, which had left OHM with 106 employees.

OHM said yesterday its latest employee reduction – taking its global workforce down to about 66 – was, regrettably, needed for a resizing in line with the current and medium-term workload.

A spokesman said the firm was now consulting staff and aimed to implement the cuts soon.

OHM, which listed on the Alternative Investment Market in 2004, specialises in controlled-source electromagnetic imaging (CSEM) surveys used in the search for oil and gas deposits.

It warned investors two months ago over its future and has since been “considering all options” to ensure its continued viability.

It recorded a sharp drop in annual revenue and substantially wider losses during the year to August 31, 2008.

In December, the company said it would need significantly increased revenue and/or a further fundraising this year to get through a tough trading period.

OHM said yesterday it had already taken steps to reduce its short-term commitments while maintaining its full service to clients. Executive chairman Dave Pratt said: “The actions we have taken to significantly reduce our fixed costs are intended to stabilise the business and allow us to move forward.”

Apart from the job losses, OHM’s recent cost-cutting measures have included a renegotiation of vessel charter terms and a restructuring at its Rock Solid Images subsidiary.

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