Vialogy to raise cash in share issue, Chairman quits

Oil services company Vialogy unveiled plans for a re-financing and new equity issue as it posted lower half-year losses, hitting its shares.Vialogy, which provides geophysical imaging and mapping services to oil majors, said it was planning to re-capitalise itself to underpin a technical and commercial expansion drive.During the six months to September 30th, the company signed deals with French geoscience company CGG, Chevron and a subsidiary of Singapore's Gente Oil Global.It made a pre-tax loss of £1.1m, including a non-cash loss of £239,627 for amortisation and depreciation, compared to a half-year loss of about £3m in 2012.Chairman Terry Bond said he was stepping down on December 4th to allow "the business to benefit from a younger pair of hands on the helm". Shares fell 0.05p to 0.32p by 14:37 in London.PW