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Troubled OHM appoint non-executive director

Troubled OHM appoint non-executive director
TROUBLED Aberdeen company Offshore Hydrocarbon Mapping (OHM) has announced the appointment of Alan Faichney as a non-executive director.

TROUBLED Aberdeen company Offshore Hydrocarbon Mapping (OHM) has announced the appointment of Alan Faichney as a non-executive director.

The 53-year-old has been managing director of Concept Systems and senior vice-president of Ion Geophysical.

Mr Faichney is also an inventor of several US and worldwide hardware and software patents.

OHM is a specialist in controlled-source electromagnetic (CSEM) imaging surveys for the oil and gas industry.

Executive chairman Dave Pratt said yesterday: “We are very pleased to have Alan join our board. In addition to his sound industry knowledge, his software and technical services experience together with his understanding of the issues surrounding technology adoption will be of great assistance to OHM as we strive to further integrate our CSEM and rock-physics analysis packages.”

OHM said last month that revenue for the half-year to February 28 was expected to be about £6.1million, a year-on-year increase of 30%, but added that 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.

Shares in the group jumped more than 16% yesterday to 4.5p.

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