Energy Capital Management and Energy Ventures Sell Portfolio Company Stingray

UK-based Stingray Geophysical is a leading edge technology company supplying 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 the most advanced permanently installed reservoir monitoring solutions to provide the clients with time domain seismic information enabling better drainage strategies and increased oil recovery. Becoming part of a world class seismic company with ambition to expand its offering and market footprint will open up new growth opportunities for Stingray.

 

Today 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. TGS is listed on the Oslo Stock Exchange.

 

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.”