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Stingray Geophysical sold to TGS NOPEC

Friday, April 15, 2011

Energy Ventures II and Energy Capital Management have sold Stingray Geophysical Ltd to seismic company TGS NOPEC ASA.

UK-based Stingray Geophysical is a leading supplier of fibre-optic based permanent reservoir monitoring solutions to the E&P industry. Based on its origin from defense Stingray has in close collaboration with oil majors developed permanently installed reservoir monitoring solutions that can provide clients with life of field seismic data at a lower cost than conventional seismic acquisition.
TGS provides global geo scientific data products and services to the oil and gas industry to assist with licensing rounds and the preparation of regional data programs. TGS invests in multi-client data projects in frontier, emerging and mature markets worldwide that make up a data library of seismic imaging, well data and interpretive products and services.

Energy Ventures and Energy Capital Management, both independent specialist venture capital firms to the upstream technology space, have worked closely with Stingray since 2006. Additional co-investors include Chevron Technology Ventures and Codygate Ventures.

“Together with the management and our co-investors we’ve made Stingray a success. Becoming part of a company with strong growth ambitions will open up new growth opportunities for Stingray,” said Einar Gamman, Partner of Energy Ventures. “Furthermore this transaction is the first exit of our second fund – following only weeks after the final closing of Energy Ventures I. We’re pleased to see that Energy Ventures portfolio continue to attract attention from leading companies and we also experience strong interest in our offering as an investor in upstream technology oil & gas companies.”

“Energy Capital Management’s unique relationship with Statoil secured Stingray the opportunity to pilot the Fosar technology on the Norwegian Continental Shelf and thus successfully complete the all important initial company milestones”, said Hans Middelthon, Partner at Energy Capital Management. “The Stingray exit is another key event for Energy Capital Management as we continue to maximise value from the Statoil Venture portfolio which we manage on Statoil's behalf. We have achieved significant portfolio value enhancement over the last two years and are now looking forward towards an exciting period with further anticipated exits.”

Associated Companies
» Stingray Geophysical Ltd

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