Trading Statement
June 29 2010 - 2:00AM
UK Regulatory
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."
+--------------------------------------+--------------------------------------+
| Offshore Hydrocarbon Mapping plc | www.ohmsurveys.com |
+--------------------------------------+--------------------------------------+
| Richard Cooper - Chief Executive | 0870 429 6581 |
| Officer | |
+--------------------------------------+--------------------------------------+
| Bob Auckland - Finance Director | 0870 429 6581 |
+--------------------------------------+--------------------------------------+
| | |
+--------------------------------------+--------------------------------------+
| | |
| KBC Peel Hunt (NOMAD and Broker) | |
+--------------------------------------+--------------------------------------+
| Julian Blunt/David Anderson | 020 7418 8900 |
+--------------------------------------+--------------------------------------+
| | |
+--------------------------------------+--------------------------------------+
| | |
| Aquila Financial Ltd (PR) | |
+--------------------------------------+--------------------------------------+
| Peter Reilly | 07881 920542 |
+--------------------------------------+--------------------------------------+
| | |
+--------------------------------------+--------------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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