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OHM buoyed by support from shareholders
Wed, 08 Feb, 2012
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OHM buoyed by support from shareholders
Mon, 24 Aug 2009, 08:39:00
<b>Offshore Hydrocarbon Mapping</b> has improved its working capital situation through a conversion of a long term charter liability to equity. The company said that future controlled source electromagnetics (CSEM) vessel charter liabilities of $45m with Seatrans have been converted to a ‘pay as used’ and revenue sharing arrangement, at a cost of $5m. The consideration will be satisfied through the issue of 14m new ordinary shares, valued at 21.52p each, to Seatrans. ‘The revisions to our vessel charter agreements put us in the optimum position to address the still volatile CSEM data acquisition market. Going forward we have far greater commercial flexibility to respond to opportunities as they arise,’ claimed the company’s chief executive officer, Richard Cooper. Additionally, Offshore Hydrocarbon Mapping (OHM) will raise £2.6m by means of a placing of 12m new ordinary shares, also at 21.52p each. The placing price represents a premium of 13.02p over the closing mid-market price of OHM on Friday, 21 August, the last trading day before the announcement of the placing. OHM added it expects revenues in the year to end-August to be around £9.2m, down from £10.8m a year earlier. OHM expects to make a pre-tax loss in the current fiscal year of between £8.6m and £8.8m, similar to last year’s pre-tax loss of £8.7m. ‘Both the rate of losses and cash burn have considerably slowed in the second half of the year as the cost restructuring measures announced in February 2009 begin to take effect,’ the company said.
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