Rock solid deal

Offshore Hydrocarbon Mapping (OHM) have announced the conditional acquisition of RDSP Acquisition, the holding company of Rock Solid Images (RSI), for £10.4m in cash and shares.

OHM, which has offices in Aberdeen and Houston, has raised £7.6m, before expenses, by placing new ordinary shares to fund the cash element of the acquisition. The total number of ordinary shares to be issued for the acquisition will be 42,637,148.

The Houston-based RSI Group specialises in the integration of rock physics with well and seismic data at all stages of the oilfield lifecycle. OHM intends to work with the RSI Group to develop methods of adding controlled source marine electromagnetic (CSEM) data to the rock physics framework.

Dave Pratt, CEO of OHM, said: ‘The acquisition of Rock Solid Images brings together two leaders in the reservoir-imaging field. We have been collaborating together for over a year on initiatives to integrate CSEM data into Rock Solid Images’ geologic models and initial feasibility work carried out on a North Sea dataset has yielded exciting results. Together, we will be able to accelerate research and development in this area and intend to secure the ownership of intellectual property rights developed in this field.’