News

Offshore Hydrocarbon making progress on vessel sub-lease

21 November 2008 07:52:00

Bid target Offshore Hydrocarbon Mapping has had to delay the announcement of its preliminary results because its management has been busy in merger discussions.

Full year results will now be released on December 18.

The board said it continues to focus on strategies to slow down its cash burn, as cash levels have fallen to just over £5.5m, down from around £8m at the end of August.

The company still hopes to sub-lease one or both of the company’s vessels and some progress has been made on this front.

The seismic mapping specialist’s advanced data analysis and data library businesses have been performing “relatively well”, and the backlog for advanced data analysis is at a high level.

“Visibility of data acquisition projects remains low although we are aware of significant work programs being planned by major oil companies in 2009,” the company said, adding that it is also receiving some interest from potential pre-committers to some data library programmes.

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