Oil survey group losses double

OFFSHORE Hydrocarbon Mapping, the Aberdeen-based oil survey group, saw losses almost double to £17.3 million during what it described as its "toughest year on record".

The company blamed the performance in the year to 31 August on a shortage of marine survey contracts and the fact that senior management needed to devote significant time to ensuring the company survived.

The pre-tax losses rose from 8.7m the previous year and included an impairment provision of 6.7m relating to the sale of its marine survey business. Sales grew from 9.2m to 9.9m.

The firm said it was now in a much stronger position with funds from a share placing enabling it to focus on growing its data processing and interpretation services.

It plans to change its name to Rock Solid Images.