TGS-NOPEC, geophysical Company that provides global geoscience data products and services to the oil and gas industry for the exploration and delineation of hydrocarbon reserves has completed the acquisition of Stingray.
The transaction was completed on 18 April 2011 and all outstanding shares were transferred with effect from the same date.
The acquisition will substantially increase TGS’ addressable market through access to production seismic spending from large international oil companies as well as national oil companies (NOCs), while maintaining its successful asset light model.
Stingray was founded in March 2006 and is located in Guildford, United Kingdom. The company possesses unique and patented fiber-optic sensing technology for seismic PRM and other oil and gas applications.
The core technology for Stingray’s fiber-optic sensing system was originally developed in the mid-nineteen eighties, for anti-submarine defense applications. Since Stingray’s incorporation in 2006, Stingray has been backed by a consortium led by the venture-capitalist firms Energy Ventures, Chevron Technology Ventures, Energy Capital Management/Statoil Venture and Cody Gate Ventures. Including the defense investment, more than USD 80 million has been invested in the technology to date.
Robert Hobbs, CEO of TGS said, “The age of “easy to find” oil is over, forcing oil companies to increase investment in their existing fields to extend production and increase recovery factors. The acquisition of Stingray allows TGS to access a larger portion of the reservoir optimization market. The combination of TGS and Stingray will leverage both companies’ strengths to create a powerful PRM offering to the industry.”
Martin Bett, Managing Director of Stingray added, “TGS brings complementary capabilities, a global organization, established seismic project management skills and financial strength to Stingray. As a part of TGS, Stingray is now well positioned to deliver innovative PRM solutions that will assist our clients to increase production and reserves whilst decreasing risk and costs of their Enhanced Oil Recovery programs.”
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Source:TGS , April 19, 2011;