28 Nov 2007   |   News

Oil exploration spin out raises CHF 36 million

Spectraseis secured a CHF 36 million investment from private equity firm Warburg Pincus.

The company, which was set up in 2003 in partnership with leading European universities, is a specialist in the field of low frequency passive seismic geophysical surveys, helping oil and gas companies more efficiently find and exploit hydrocarbon reserves. Customers include Petrobras, StatoilHydro, Pemex and other major operators in the Middle East and North America.

“Today’s announcement is a major milestone for Spectraseis. It signals our transition from an R&D-focused start-up to a commercial industry player and it is also a confirmation of the huge opportunities low frequency seismic technologies bring,” said Spectraseis’ CEO, Ross Newman.

“To have one of the world’s top private equity firms commit this size of investment to us is a strong endorsement of our technology, our business model, our growth plans, and our people. From recruitment, to technology development, to growing our customer relationships, we look forward to continuing to commercialise the next generation of geophysical information.”

Jeffrey Harris, a Warburg Pincus Managing Director, commented, “We believe that Spectraseis is well-positioned to succeed as a leader in its industry. The company’s technology and track record of R&D and service delivery are compelling.”

Harris, who leads Warburg Pincus’ investment activities in the energy sector, and Henry Makansi, head of Warburg Pincus’ European Energy activities, will be joining Spectraseis’ Board of Directors.

Never miss an update from Science|Business:   Newsletter sign-up