Oil services firm leaps on India deal

SHARES in Aberdeen-based oil services group Offshore Hydrocarbon Mapping jumped by 17 per cent after the firm announced £4 million worth of contracts in India.

The Aim-listed company said it was mobilising one of its vessels to start work in April on the two contracts for marine electromagnetic surveys which are used to help identify oil and gas fields.

Earlier this month, the group issued a trading update and said revenues in the six months to 28 February were expected to be around half the 6.2m reported in 2009 but stressed it expected a much stronger second half.

Pre-tax losses are expected to be cut to some 4.4m compared to a 5.6m deficit for the same period last year.

Shares in Offshore Hydrocarbon Mapping closed up 0.88p at 6p, although still well down on their high of 16.5p seen last year.