£2.5m Chinese deal gives boost to oil services group
CASH-STRAPPED oil services group Offshore Hydrocarbon Mapping (OHM) has announced a $2.5 million (£1.5m) contract with Chinese group BGP, sending its shares up more than 20 per cent.
The Aim-listed firm, which provides electromagnetic testing of the sea floor used to search for hydrocarbons, said the new "strategic partnership" was expected to start later this month, with a survey off Equatorial Guinea in west Africa.
OHM, which is headquartered in Aberdeen, yesterday reported a pre-tax loss of 8.71m for the year to August 31, a marginal improvement on the previous year. Its revenues declined by 1.6m to 9.2m.
While electromagnetic surveys are thought to hold high potential for the oil and gas sector, the company has struggled to convince oil companies to dedicate spending away from seismic testing, the most widely used method.
OHM chairman Dave Pratt said that, while the year had been extremely difficult, "the future is looking substantially more promising" as confidence returned to the financial and commodity markets. Shares in OHM rose 1.75p to 9.5p.
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