OFFSHORE Hydrocarbon Mapping, the Aberdeen-based specialist in controlled-source electromagnetic (CSEM) imaging surveys for the oil and gas industry, said yesterday that revenue for the half-year to February 28 was expected to be about £6.1million.
It said this would be a year-on-year increase of 30%, with growth driven by a rise in demand for CSEM services and data and by strong growth in the rock-physics seismic services provided by its Rock Solid Images arm.
OHM said one-off charges associated with restructuring to reduce annual costs by an estimated £13million – which included plans to cut 40 jobs from its payroll, mainly in Aberdeen, reducing its workforce to 66 – would be recognised in the first-half accounts, and it expected pre-tax losses, after restructuring costs, of no more than £5.8million for the period.
It added that its cash in hand at February 28 was £2.3million and loans of more than £2million remained untouched.
Although he welcomed the upturn in demand for its services, chairman Dave Pratt added: “Overall trading conditions remain quite mixed and significant uncertainties exist around our clients’ budgets for the year ahead.”