Trading Statement

 

TIDMOHM 
 
RNS Number : 3877O 
Offshore Hydrocarbon Mapping PLC 
29 June 2010 
 

 
 
 
 
 
 
 
PRESS RELEASE 
 
29th June 2010 
 
            Offshore Hydrocarbon Mapping plc ("OHM" or "the Group") 
 
                                 Trading Update 
 
The Directors of Offshore Hydrocarbon Mapping plc (AIM:OHM) issue the following 
trading update: 
 
We are encouraged by continuing evidence that the market for CSEM is improving 
and that our industry leading abilities to maximise the value of CSEM data 
through close integration with seismic and well information is finding support 
from our clients. 
 
As previously announced, our vessel OHM Leader has been working on a number of 
contracts in the Asia-Pacific region, and we expect to soon finalise a further 
contract to follow on directly from this work with a projected value in excess 
of US$2 million. 
 
Progress on the existing work program has been hampered by scheduling delays 
resulting from naval exercises and seismic vessel operations in the work area 
which has increased costs and will put pressure on the Company's working capital 
position later in the summer, potentially requiring new capital to be raised to 
meet this squeeze. The Board is considering several options to help with short 
term working capital requirements while providing a stable long term source of 
investment funds 
 
We estimate that revenues and EBITDA loss for the six months to 31 August 2010 
will be in the range of GBP6.6 million to GBP7.1 million and GBP2.8 million to 
GBP3.3 million respectively, which compares to GBP3.0 million and  GBP1.8 
million for the same period in 2009. Cash at the period end is anticipated to be 
approximately GBP0.6 million to GBP0.8 million, though actual cash may drop 
below this range between now and the 2010 financial year end due to working 
capital requirements. We expect to delay some of our planned capital expenditure 
programs as a result. 
 
Richard Cooper, Offshore Hydrocarbon Mapping's CEO, commented: 
 
"As we anticipated earlier in the year there are encouraging signs that the 
market for CSEM services generally is improving, tender activity is on the 
increase and our unique integrated well, seismic and CSEM offering provides a 
significant competitive advantage." 
 
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| Offshore Hydrocarbon Mapping plc     | www.ohmsurveys.com                   | 
+--------------------------------------+--------------------------------------+ 
| Richard Cooper - Chief Executive     | 0870 429 6581                        | 
| Officer                              |                                      | 
+--------------------------------------+--------------------------------------+ 
| Bob Auckland - Finance Director      | 0870 429 6581                        | 
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|                                      |                                      | 
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|                                      |                                      | 
| KBC Peel Hunt (NOMAD and Broker)     |                                      | 
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| Julian Blunt/David Anderson          | 020 7418 8900                        | 
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|                                      |                                      | 
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|                                      |                                      | 
| Aquila Financial Ltd (PR)            |                                      | 
+--------------------------------------+--------------------------------------+ 
| Peter Reilly                         | 07881 920542                         | 
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|                                      |                                      | 
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This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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