25 May 2012

Offshore Hydrocarbon raises £3.4m

08/04/2010 Robert Tyerman

Norwegian investor Sector Asset Management (SAM) is taking its stake in Offshore Hydrocarbon Mapping from 1.24 to 24.15 per cent.

The Nordic fund management group is buying 21 million new shares in the loss-making Aberdeen-based company, whose remote electromagnetic sensing technology helps to locate offshore oil and gas deposits, at 16p, a 220 per cent premium over yesterday’s closing price. SAM is paying in two tranches, with an initial £556,000 which Aim-quoted Offshore Hydrocarbon says will fund surveys in India.

The company plans to use the second tranche of a net £2.7 million to improve its data processing and interpretation technology, upgrade its equipment, invest in sales and marketing and appraise applications of its kit. Chief executive officer Richard Cooper says Offshore Hydrocarbon is receiving increasing enquiries about its survey and seismic services.

Shares in the company, which recently said it expected losses in the first half year to February to fall from £5.6 million to between £4.1 million and £4.4 million on turnover halved to £3.2 million, fell from 2004’s 170p float price to 4.5p in the past year. They have now perked up to 9.5p, valuing the company at £6.6 million.

Tags: AIM, Fundraisings, Technology

Sector: Oil Equipment, Services & Distribution

Companies: Rock Solid Images

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